Executive Summary

• Groupe Casino reported 1Q17 revenues of €9,321 million, up by 11.6% from the previous year and up by 3.1% on an organic basis. Comps grew by 2.5%.
• Sales in France fell by 1.0% and organic growth was (0.5)%. Comps grew slightly by 0.2%. Sales in Latin America jumped by 30.2%, with 7.7% organic growth, and comps grew by 4.6%.
• E-commerce sales grew by 1.5% (2.8% organic growth) and comps grew by 4.0%. Management confirmed that it expects group operating profit to grow by 10% at current exchange rates.