(AFP / DAMIEN MEYER)
The distributor Casino achieved, in its new scope including Monoprix, Franprix, the convenience brands Vival, Spar, Petit Casino as well as the e-retailer CDiscount, 2.1 billion euros in turnover in the first quarter of 2024 ( -4.6%), according to a press release on Wednesday.
These sales are based half on Monoprix, a billion euros in turnover (+0.9%) from January to the end of March, the date on which the group ceased to be controlled by Jean-Charles Naouri and fell into the ownership of buyers led by Czech billionaire Daniel Kretinsky.
Franprix achieved 406 million euros in turnover (-3.3%), the nearby Casino 349 million euros (-3%), and CDiscount, 242 million euros, down 24%. in connection with the assumed reduction in direct sales”, according to the group’s press release.
Casino’s debt incurred by the previous management had pushed it to increase the number of sales, including in 2023 almost all of its large format stores, supermarkets and hypermarkets, to its competitors Intermarché, Auchan and Carrefour.
This sale led to a significant downsizing project: the distributor announced earlier on Wednesday that it planned to eliminate 1,300 jobs by September in its headquarters in Saint-Etienne but also in Vitry-sur-Seine (Franprix brand) and Clichy. (Monoprix).
Job cuts are also planned in logistics sites as well as in 27 hypermarkets and supermarkets – a figure from a union source – which have not been bought before. If buyers do not come forward, up to 1,974 positions could disappear.
Before the planned job protection plans, Casino only employs 28,212 people, compared to another 200,000 including 50,000 in France at the end of 2022.
The group’s net debt deflated with the restructuring to 1.6 billion euros at the end of March compared to 6.2 billion at the end of 2023.
The capital increase carried out at the end of March “made it possible to strengthen the group’s liquidity by 679 million euros”, once deducted a reimbursement of deferred taxes and social charges amounting to 233 million euros, of financial debts and financial costs of €235 million and costs linked to or due as of the restructuring date of €53 million.
Casino, which will hold its general meeting on June 11, also plans to regroup its shares by May/June by exchanging “100 ordinary shares” with a par value of 0.01 euros” for “1 new share” of value of 1 euro.