Casino: increase in turnover and increase in net loss

Casino recorded a 9.8% increase in its turnover, to 15.9 billion euros, for the first half of 2022. Despite this increase, the French distributor increased its net loss by 24.5 %, 259 million euros (group share) compared to 208 million the previous year. Current operating income came to 380 million euros, down 13.7% at constant exchange rates. EBITDA stood at 1.069 billion euros, down 2.2% after the impact of exchange rates and 7.8% at constant exchange rates.

In France, the group returned to growth during the past quarter, with sales up 3.4% like-for-like, to 3.58 billion euros. In Latin America, sales jumped 16.7% like-for-like and 31.6% reported, to 4.47 billion euros. In particular, they benefited from the appreciation of the Brazilian real against the euro.

“In an inflationary context, the Casino Group’s priority remains growth and the maintenance of a good level of profitability ensuring the progression of cash flow generation”, underlines a press release.

The group’s net financial debt amounted to 7.5 billion euros, including 5.1 billion euros in France and 2.4 billion euros in Latin America,

For the second half, the group intends to maintain its growth momentum by pursuing its expansion plan of 800 openings in local formats (Monop’, Franprix, Spar, etc.), mainly in the form of franchises.

With regard to the financial outlook for 2022, Casino aims to maintain a high level of profitability in 2022 and to improve cash flow generation and to continue the disposal plan of 4.5 billion euros in France, the full implementation of which is expected by the end of 2023.