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  5. First-quarter 2013 sales

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First-quarter 2013 sales

  • Total Group first-quarter 2013 sales of €11.7 billion, up sharply by +33.7%
  • Solid organic growth* up +2.5% :
    • Internationally, organic growth* was very robust (+8.3%), driven by all of the Group’s markets
    • In France, sales fell due to the impact of a proactive price-cutting policy
    • Dynamism of Cdiscount

 

Evolution of the Group’s consolidated net sales in the 1st quarter of 2013
 Consolidated net sales  Q1 2012 Q1 2013  Change Q1 2013/Q1 2012
  in €m in €m Total
growth
Organic
growth*
Total continuing operations 8,739 11,681 +33.7% +2.5%
France 4,495 4,315 -4% -3.4%
International 4,244 7,366  +73.6%  +8.3%
 

In the first quarter of 2013, the Group’s consolidated sales rose by +33.7%, primarily thanks to the full consolidation of GPA in Brazil. Organic growth* stood at +2.5% (+1.5% including petrol and calendar effect). The effect of changes in scope was +40.1%. Foreign-exchange rates had an impact of -7.9%, while the petrol effect was -0.5%. Finally, the average calendar effect was -1.2% in France and -0.1% internationally.

* Excluding petrol and calendar effect. Organic growth is growth at constant scope of consolidation and exchange rates

Q1 2013 SALES

In France, activity was marked by price drops, Cdiscount’s strong growth (+11.9%) and the resilience of convenience formats

In France, first-quarter organic growth was -3.4% excluding petrol and calendar effect, with total sales of €4,315 million against a backdrop of soft consumption in which Casino continued the price-cutting policy it initiated in Q4 2012.

  • Overall, convenience formats posted satisfactory sales growth.
  • Géant’s same-store sales fell by -9.7% excluding calendar effect (vs. -9.9% in Q4 2012) due to the combined effect of price-cutting initiatives, less promotional activity and reallocations of retail space.
  • In contrast, Cdiscount once again showed strong growth (+11.9%), which was higher than the market’s. 

International organic growth remained strong (+8.3% excluding petrol and calendar effect) for all of the Group’s markets, in keeping with previous quarters

International subsidiaries posted another quarter of strong organic growth at +8.3% excluding petrol and calendar effect. Overall, international sales increased by +73.6% to €7,366 million, particularly due to the full consolidation of GPA as of the second half of 2012, despite the negative foreign exchange effect of -16.3%, primarily related to the real’s depreciation.

  • Latin America posted strong organic growth of +8.7% excluding petrol and calendar effect, up from Q4 2012 (+7.8%), driven by strong same-store growth in Brazil and dynamic expansion in Colombia.
  • Organic growth in Asia, excluding petrol and calendar effect, remained substantial at +8.5%, due to rapid expansion and sustained same-store growth in Thailand. 

Total International sales accounted for 63% of Group sales over the period, compared with 49% in Q1 2012.


FRANCE: SALES ANALYSIS - Q1 2013

Sales in France came to €4,315 million in the first quarter of 2013, a decline of -3.4% in organic growth, excluding petrol and calendar effect.
 

Evolution in sales

In €m     Total growth  Organic
growth*
   Q1 2012  Q1 2013 Q1 2013 Q1 2013
Net sales before tax - France 4,495.1 4,314.7  -4% -3.4%
Casino France  2,921.4 2,731.4 -6.5% -4.7%
Géant Casino hypermarkets  1,271.1 1,122.3  -11.7% -11.5%
Casino supermarkets  865.1 821.1 -5.1% -3%
Superettes 353.6 340.7 -3.7% -2.6%
Cdiscount & Other businesses 431.5 447.2 +3.6% +6.4%
Franprix – Leader Price 1,062 1,078.9 +1.6%  -2%
Monoprix 511.7 504.5 -1.4% +0.5%

* Excluding petrol and calendar effect


Evolution in same-store sales, excluding petrol

 In €m   excluding calendar effect 
   Q1 2013  Q1 2013  Q4 2012
Géant Casino hypermarkets -10.2% -9.7% -9.9%
Casino supermarkets -8.3% -7.6% -6.1%
Franprix -4% -1.7% -2.8%
Leader Price -2.5% -0.5% -0.2%
Monoprix -3.3% -1.3% -0.9%
  • Casino France

Same-store sales excluding petrol for Géant Casino were down -9.7%* in Q1 2013.

In a context of soft consumption for Q1 2013, same-store food sales were down ‑7.7%*. This change is primarily the result of the continuation during the first quarter of the year of the proactive price-cutting policy begun in Q4 2012, funded by improvements in operational efficiency and optimisation of promotional activity. In addition, the banner continued to roll out and expand its "Le Meilleur d’Ici" (“the Best of our region”) and entry-price corners, which are showing good results.

Same-store non-food sales fell due to the proactive reduction of Multimedia, price cutting and unfavourable weather conditions for seasonal products. Géant is continuing to refocus on the most buoyant categories as well as on rolling out its multichannel strategy by installing Cdiscount pick-up points in drive-through stores and Cdiscount corners in stores.

Organic sales growth for Supermarchés Casino excluding petrol and calendar effect declined by -3% compared to Q1 2012 and by -7.6%* for same-store sales, particularly due to continued price cuts initiated in Q4. 

The banner has kept up its strategy of excellence in fresh goods and rollout of local products, as well as relaunching its loyalty programme in stores. One supermarket opened during the quarter.


Superette
sales declined by -2.6% on an organic basis excluding petrol and calendar effect. The banner successfully converted 31 of its stores to the Casino Shop and Shopping formats in the city of Lyon, and continued streamlining the stores network with 18 store openings and 78 closures.

Cdiscount
sales rose by +11,9%, driven by the performance of toys and high-tech products (IT, household appliances, etc.). The private label’s share doubled compared to Q1 2012. Total business volume grew by +18% in Q1 2013, supported by the strong performance of the marketplace, which now accounts for more than 10% of the site’s business volume, with the number of vendors and offers increasing rapidly. Finally, 10% of site sales were made via smartphones or tablets at the end of Q1 2013.

Cdiscount remains a key tool in the Group’s multi-channel strategy, which drew on 2,700 in-store physical pick-up points at the end of the first quarter.

* Excluding calendar effect and restated for the transfer of 4 hypermarkets to Casino supermarkets.

  • Franprix – Leader Price

Total Franprix-Leader Price sales posted an increase of +1.6% due to the continued network expansion and the consolidation of master franchises.

Leader Price’s same-store sales decreased slightly by -0.5% excluding calendar effect. Sales initiatives begun in 2012 (assortment and pricing policy) continued to produce results in Q1 2013, with a value proposition that fits the current consumption climate. Fresh product selection produced excellent results and the banner continued to work on its fresh-product channels. Renovation of existing stores continued throughout the quarter.

Over the quarter, Franprix same-store sales fell by -1.7% excluding calendar effect, with footfall improving since Q4 2012 (-2.8%). The banner benefited from changes to its assortment (development of the "Marché Franprix" product line) and rolled out its loyalty programme in 170 stores.

  • Monoprix

Monoprix sales increased by +0.5% on an organic basis excluding petrol and calendar effect, due to its ongoing dynamic expansion and positive food sales trend, underpinned by the performance of fresh products and a still-favourable average basket. Among the various banners, Naturalia showed positive performance.

Non-food sales posted a decline related to the impact of unfavourable weather conditions on seasonal apparel sales.

INTERNATIONAL: SALES ANALYSIS - Q1 2013

Consolidated sales at International subsidiaries rose substantially by +73.6%.

Scope
effects had a positive impact of +81.5%, related to the full consolidation of GPA.

Exchange rates
had an unfavourable impact of -16.3%, resulting primarily from the Brazilian real’s sharp depreciation against the euro.

Once again, organic growth was very high at +8.3%*, in keeping with previous quarters, driven by solid performance in both Latin America and Asia.

 

Evolution of International sales growth in the 1st quarter of 2013 

  Total growth Organic
growth*
Same-store
growth*
Latin America +94% +8.7% +5.4%
Asia  +10.8%  +8.5%  +2.3%

* Excluding petrol and calendar effect.

 

In Latin America, same-store sales grew by +5.4% excluding petrol and calendar effect, in keeping with previous quarters, reflecting GPA’s solid performance in Brazil. Organic growth was +8.7%*, increasing from Q4 2012 (+7.8%*), boosted by continued rapid expansion, particularly in Colombia. In all, sales rose +94% primarily under the impact of the full consolidation of GPA.

  • GPA in Brazil

In Brazil, GPA posted same-store sales excluding petrol effect up +7.1%, increasing from Q4 2012 (+6.6%).

As for food, same-store sales by GPA Food rose by +6.9%. They were driven by excellent performance by the Assaí cash & carry banner, which continued to show impressive double-digit growth due to an overhaul of its product selection. Excluding Assaí, GPA Food posted very strong performance, particularly in the Minimercado convenience format. Expansion in these two formats was marked in Q1 2013 with the opening of 12 Minimercados and 3 Assaí stores.

As for non-food, Viavarejo same-store sales continued to grow quickly at +7.3%, driven by significant sales initiatives and the very strong performance by electronics. E-commerce also performed well at the end of the period: Extra.com.br launched its marketplace. Expansion continued in the first quarter.

  • Exito Group

Exito’s total sales grew above retail sales growth in the first quarter due to the impact of sustained organic growth that particularly benefited from the rapid expansion of the stores network and from the good performance of Surtimax, leader in the discount format. In the first quarter, Exito continued the reinforcement of its private labels in its assortments and the development of complementary businesses to retail. Exito’s expansion in the first quarter was sustained.

Exito’s Q1 earnings will be released at the end of April 2013.


In Asia,
same-store growth excluding calendar effect totalled +2.3%. Organic growth in sales excluding calendar effect maintained a high level of +8.5%. Total sales grew +10.8%. 

  • Big C Thailand

Big C posted organic sales growth excluding calendar effect of +9,2%, boosted by a very dynamic expansion policy and a healthy level of same-store sales (+2,4%). Significant marketing and promotional operations were realised over the quarter. Convenience banners performed particularly well.

  • Big C Vietnam

Big C Vietnam’s organic growth continued, due in particular to the impact of the openings of a hypermarket and shopping mall.


ANALYST AND INVESTOR CONTACTS
Régine GAGGIOLI – Tel: +33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr
or
+33 (0)1 53 65 64 18
IR_Casino@groupe-casino.fr

GROUP EXTERNAL COMMUNICATIONS DEPARTMENT
PRESS CONTACT
Aziza BOUSTER
Tel: +33 (0)1 53 65 24 78
Mob: +33 (0)6 08 54 28 75
abouster@groupe-casino.fr

IMAGE 7
Grégoire LUCAS
Tel: +33 (0)6 71 60 02 02
glucas@image7.fr

 

Financial calendar
22 April 2013 Annual General Meeting

Disclaimer
This press release was prepared solely for informational purposes and should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Similarly, it does not and should not be treated as giving investment advice. It has no connection with the specific investment objectives, financial situation or needs of any receiver. No representation or warranty, express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in this document. It should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions expressed herein are subject to change without notice.

 

Appendices

Main changes in the scope of consolidation

  • Full consolidation of GPA since 2 July 2012. GPA was consolidated at 40.1% as of end of March 2012
  • Full consolidation of companies owning 21 stores into Franprix-Leader Price from July 2012
  • Full consolidation of BARAT within Franprix-Leader Price from 8 March 2012 (22 stores)
  • Full consolidation of DSO and CAFIGE within Franprix-Leader Price from 1 February 2013 (120 stores)

Changes un the scope of consolidation

in €m Q1 2012 Q1 2013 Change  Change
  €m  €m  Reported
At constant
exchange rates
FRANCE  4,495.1  4,314.7 -4%  -4%
Of which:        
Casino France  2,921.4  2,731.4  -6.5%  -6.5%
Géant Casino hypermarkets  1,271.1 1,122.3  -11.7%  - 11.7%
Casino supermarkets  865.1  821.1 -5.1%  -5.1%
Superettes  353.6  340.7  -3.7%  -3.7%
Other businesses  431.5  447.2  +3.6%  +3.6%
Franprix – Leader Price 1,062 1 ,078.9  +1.6%  +1.6%
Monoprix  511.7  504.5  -1.4%  -1.4%
INTERNATIONAL  4,244 7,366 +73.6% +89.9%
Of which:        
Latin America 3,225.1 6,257.4 +94% +116.2%
Asia  808  895.6 10.8% +7.9%
Other sectors  211.1  213.5  +1.1%  +1.5%
NET SALES FROM CONTINUING
OPERATIONS 
8,739.3  11,681.2  +33.7%  +41.6%


Exchange rates

Average exchange rates Q1 2012  Q1 2013 Change
Argentina (ARS / EUR)  0.1757  0.1511  -14%
Uruguay (UYP / EUR)  0.0391  0.0395  +0.9%
Thailand (THB / EUR)  0.0246  0.0254  +3.3%
Vietnam (VND / EUR) (x 1,000) 0.0367  0.0364  -0.8%
Colombia (COP/EUR) (x 1,000)  0.4236  0.4228  -0.2%
Brazil (BRL / EUR)  0.4317  0.3796  -12.1%


Period-end store network: France

FRANCE 31 March 2012 31 Dec. 2012 31 March 2013
Géant Casino hypermarkets 126  125  126
 Of which French Affiliates 8 9 9
  International Affiliates  5 6 7
+ service stations  100 97 97
Casino supermarkets  425 445 446
 Of which French Affiliates  51 58 61
 International Franchise  Affiliates  35 41 39
+ service stations  169 173 173
Franprix supermarkets 892  891 875
  Of which Franchise outlets  377 390 347
Monoprix supermarkets  518 542  555
 Of which Naturalia 58  71  74
 Of which Franchise outlets/Affiliates  131  137  143
Leader Price discount stores  595  604  600
 Of which Franchise outlets  245  231  149
Total supermarkets and discount stores  2,430  2,482  2,476
 Of which Franchise outlets/Stores operated under business leases  839  857  739
Petit Casino superettes 1,745  1,575 1,500
 Of which Franchise outlets  28  26  26
Casino Shopping superettes  11  13
Casino Shop superettes 19  77  112
 Of which Franchise outlets      1
Eco Services superettes  1
Coop Alsace superettes    144  144
 Of which Franchise outlets    144  144
Spar superettes 955  963  956
 Of which Franchise outlets  743  739  735
Vival superettes  1,699  1,705  1,698
Of which Franchise outlets  1,697  1,704  1,697
Casitalia and C’Asia superettes  1
Other Franchise stores  1,115  1,105  1,098
 Corner, Relay, Shell, Elf, Carmag…  1,115  1,105  1,098
Wholesale activity  935  935  934
TOTAL CONVENIENCE STORES 6,477  6,517  6,457
 Of which Franchise     outlets/Storesoperated under business leases/Wholesale   4,519   4,654   4,635
Other Affiliate stores  28 29  29
 Of which French Affiliates  20  20  20
 International Affiliates  9
Other businesses  297  304  301
 Cafeterias  295  302  299
 Cdiscount  2
TOTAL France  9,358  9,457  9,389
Hypermarkets (HM)  126  125  126
Supermarkets (SM)  1,835  1,878  1,876
Discount (DIS)  595  604  600
Superettes (SUP) and other stores (MAG) 6,505  6,546  6,486
Other (DIV)  297  304 301


Period-end store network: International

International 31 March 2012 31 Dec. 2012 31 March 2013
ARGENTINA  24  24  20
Libertad hypermarkets  15  15 15
Other businesses  9 5
URUGUAY  52  52  52
Géant hypermarkets  1 1 1
Disco supermarkets 27  27  27
Devoto supermarkets 24  24  24
BRAZIL  1,570  1,640  1,661
Extra hypermarkets  133  138  138
Pao de Açucar supermarkets 158  162  163
Extra supermarkets  204 207  209
Assai discount stores  60 61  64
Minimercado Extra superettes  71  107  119
Casas Bahia discount stores  544  568  572
Ponto Frio  400  397  396
THAILAND  240 348  386
Big C hypermarkets  108  113  114
Big C supermarkets  14  18  19
Mini Big C superettes  62 126  158
Pure  56  91 95
VIETNAM  23  33  32
Big C hypermarkets  18  21 22
Superettes 12  10
INDIAN OCEAN  53  57 57
Jumbo hypermarkets  11  11  11
Score/Jumbo supermarkets  22  25  25
Cash and Carry supermarkets 5
Spar supermarkets 6 6
Other businesses 7 10  10
COLOMBIA  366 427  454
Exito hypermarkets  82  87  88
Pomona, Carulla, Exito supermarkets 131  136  134
Surtimax discount stores  84  119  144
Exito Express and Carulla Express superettes  60  77  81
Ley and others  7
TOTAL INTERNATIONAL  2,328  2,581  2,662
Hypermarkets (HM) 368  386  389
Supermarkets (SM)  593  610  612
Discount (DIS)  144  180  208
Superettes (SUP) 198 323  370
Other (DIV)  1,025  1,082  1,083

 



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