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Casino Group (ENXTPA: CO) 1H19 Results: Losses Deepen Due to Seasonality of Tax Credits and Higher Operating Expenses

Executive Summary

  • Casino Group reported 1H19 net sales of €17.84 billion, up 3.5% year over year at constant currency (up 0.3% year over year as reported) and missing the consensus estimate of €17.93 billion by StreetAccount.
  • The company reported a net loss from continuing operations attributable to the company’s shareholders of €226 million compared to a net loss of €68 million in the same period last year, and missing the consensus net profit estimate of $26 million.
  • Casino Group hopes to grow trading profit by 10% for the current fiscal year and raised its cost savings target to €130 million in France for the current fiscal year from its earlier target of €100 million.

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