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Groupe Casino (EPA:CO) 1H 16 RESULTS: PROFIT JUMPS ON DISPOSAL OF ASIAN BUSINESSES

Executive Summary

  • Groupe Casino reported net sales of €19.7 billion in 1H16, down 8.8% from the restated 1H15 revenue and in line with the consensus estimates.
  • EBITDA for 1H16 was €670 million, down from 1H15’s restated EBITDA of €801 million and missing the consensus estimate of €699.5 million. The margin fell by 31 basis points.
  • Diluted underlying EPS for the group was €(0.49), down 2.1% from 1H15. The EPS reflects the dilutive effects of Monoprix convertible bonds.
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