Executive Summary

• Groupe Casino reported FY15 diluted underlying EPS of €2.80, a decline of 35.5% and below the consensus estimate of €2.81. The company reported that revenue decreased by 4.8%, to €46.1 billion, slightly above the consensus estimate.
• EBIT decreased by 35.2%, to €1.4 billion, below the consensus estimate of €1.5 billion, while underlying net profit declined by 25.9%, to €412.0 million, beating consensus of €314.1 million.
• Groupe Casino’s results were primarily affected by the economic slowdown in Brazil and the impact of foreign exchange rates. In FY16, the company plans to undertake significant deleveraging to improve its profitability in France and in the e-commerce segment, and to consolidate its position in Latin America.