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Groupe Casino (EPA:CO) 1H17 Results: Strong Growth in Revenues Lifts Full-Year Trading Profit Target

Executive Summary

  • Casino reported 1H17 revenues of €18,598 million, up by 9.7% from 1H16 and up by 3.1% on an organic basis, and slightly below the consensus estimate of €18,875 million.
  • The EBITDA margin rose by 90 basis points to 4.4% and the operating margin returned to positive from (0.8)% in 1H16 to 1.0% in 1H17.
  • Diluted EPS jumped 66.7% to €0.05, but was below the consensus estimate of €0.10. Casino raised its outlook for FY17, and now expects to achieve 15% growth in food retail trading profit in France andup to 20% growth in group trading profit.

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