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.
To replay the conference call:
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- United Kingdom: +44 20 3364 5147
- United States: +1 646 722 4969
- Pin code:42 50 19 071#