2021 Full-year results : repositioning of the Group on buoyant formats in all geographies

Both 2020 and 2021 were shaped by the pandemic, which affected the Group’s geographies and formats in different ways depending on the period.

Over one year:

  • Consolidated net sales amounted to €30.5bn, down -0.8% year on year, including a -5.4% decline for France Retail due to the impact of the health crisis on the Paris region and tourist areas, a stable performance for Cdiscount, and growth of +2.7% in Latin America.
  • EBITDA came out at €2,527m, including €1,281m for the French retail banners (-1.7% vs. 2020), €106m for Cdiscount (-18% vs. an exceptionally high comparison basis in 2020), and €1,035m in Latam (excluding tax credits), up +9% at constant exchange rates.

Over two years (i.e. compared to the pre-Covid period), the Group benefited from the positive effects of its transformation plans:

  • In France, the retail banners’ EBITDA margin rose +83 bps thanks to efficiency plans (stable EBITDA despite the health-crisis-induced drop in sales).
  • At Cdiscount, deep transformation of the business model towards a margin accretive mix (marketplace, digital marketing and B2B) with EBITDA improving +54%.
  • In Latam, net sales rose +15% and EBITDA jumped +29%4.

The Group is now well positioned in all of its geographies:

  • In France, repositioning in formats adapted to new consumer trends (premium, convenience and e-commerce)
  • In Latin America, following two major transactions (Assaí spin-off and sale of 70 GPA hypermarkets to Assaí), the Group now has well-adapted assets ready to accelerate growth in their respective markets.

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