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Groupe Casino (EPA: CO) 4Q and FY17 Trading Update: LatAm Drives Full-Year Growth Yet Again, Soft Performance in France

Executive Summary

  • Groupe Casino reported FY17 sales growth of 5.0% to €37,822 million. Organic sales growth was 3.2% and comparable sales growth was 2.4%.
  • In 4Q17, group sales contracted by 0.3% as reported, but grew by 3.2% on an organic basis. Comps were 2.0%.
  • The company expects its full-year group trading profit to amount to €1,240 million, implying 20% growth. In France, Groupe Casino anticipates 10% growth in trading profit to €550 million, of which the real estate contribution is estimated to be €90 million, while the rest is from retail trade.

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