Casino Group (ENXTPA: CO) 4Q18 Update: French Protests Drag on Sales Growth

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Key Points

  • Casino Group reported a weak 4Q18 in its core French market, with French comparable sales excluding Cdiscount up 0.5%, versus 1.9% in 3Q18 and below the consensus estimate of 1.1%.
  • The weakness in France was evident across formats except the discounter Leader Price, which turned in consensus-beating comparable sales growth of 2.1%.
  • Management noted that Monoprix’s e-commerce sales grew double-digits, supported by sales via Amazon Prime Now and a “sharp acceleration” in Monoprix’s online fashion business.

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