Press - 2008

3 December 2008

Casino pursues its strategy of capturing the value of its assets

In line with its asset turnover strategy, Casino is continuing to divest its mature properties.

The Group has signed heads of terms for the sale of 42 superette, Casino supermarket, and Franprix and Leader Price store properties to AEW Immocommercial* by the end of the year. The stores will continue to be operated under long-term, variable-rent leases based on a percentage of revenue.

In addition, four Casino supermarket properties will be sold to another partner.

These transactions, which will provide the Group with nearly €100 million in proceeds in 2008, will reduce 2009 trading profit by less than €5 million and have no impact on net profit.

*AEW Immocommercial is an OPCI (property investment mutual fund), which is the latest in the line of tax-advantaged vehicles created in France to promote investment in property stocks, after the SCPIs (non-trading property investment companies) and SIICs (REIT-style structures). OPCIs are managed by portfolio management companies, which must also be licensed by the French securities regulator (AMF). AEW Immocommercial is a vehicle reserved for institutional investors and is not open to the public.

18 October 2008

Good First-Half 2008 Results

First-half results demonstrate the effectiveness of the Group’s business model in France and in international markets. Trading profit rose a significant 9.8% as reported, and by 8% on an organic basis(1), in line with growth in net sales. As a result, organic(1) trading margin was stable for the period.

Good Performance in France

Sales rose a sustained 4.8% in France , led by the Group’s presence in the most promising formats (discount and convenience), the effectiveness of the banners’ marketing strategies and the success of the sales revitalisation programme at Franprix and Leader Price. Trading profit increased by 1.9% for the period. Trading margin was stable on an organic basis.

- Franprix-Leader Price sales were up a sharp 8.7%, lifted by a sustained improvement in same-store sales at both banners. Trading margin declined by 34 basis points to 6.5%, reflecting the impact of the sales recovery plans.
The second half will see faster expansion at Franprix and Leader Price, two cash-efficient concepts that are aligned with customer expectations.
- Géant Casino reported very satisfactory results in a market environment fairly unfavourable for hypermarkets. The banner’s trading margin improved, demonstrating the effectiveness of the initiatives undertaken to improve marketing strategy and operational excellence.

-The convenience formats confirmed their strong momentum with a sustained 5.7% increase in sales.
Casino Supermarkets continued to gain new market share, while trading margin was stable excluding the impact of disposals to OPCI property mutual funds. Monoprix turned in a satisfactory performance, maintaining its high profitability. Superettes trading margin declined from a high first-half 2007 base of comparison.

-The other businesses (property, Cdiscount, Banque Casino, Casino Restauration) continued to enjoy fast growth, with sales gaining 10.9% on the back of Cdiscount’s robust 16.4% increase over the first-half.

Strong growth in international results

International operations reported very strong growth in sales, led by double-digit organic growth in South America (15.5%) and Asia (13.1%) and by the full consolidation of Exito and Super de Boer. Trading profit rose a steep 36.1%.

-Organic trading margin widened by a strong 38 basis points, reflecting improvement in South America and sustained high margins in Asia.

-International operations increased their contribution to both sales and trading margin, confirming their role as a growth driver.

Net debt stood at €5,868 million at 30 June 2008, versus €6,015 million a year earlier. The Group’s balance sheet will be strengthened by the improvement in free cash flow, led by targeted expansion in France in promising and low capitalintensive formats, capital expenditure in international markets in line with growth in international sales and a dynamic asset turnover strategy.

results

A promising business model

Casino has solid fundamentals on which to drive steady,
profitable growth:

- A favourable format mix and effective differentiation drivers in France , that have enabled the Group to outperform the market while maintaining profitability
o A strong presence in convenience and discount formats
o The leading retailer in terms of private-label penetration rate
o Increasingly personalised marketing thanks to dunnhumby

-A platform of International assets focused on high potential markets (Brazil, Colombia, Thailand)

-A more aligned and balanced profitability profile
o With ten business units that all make a significant contribution to Group EBITDA

-An active asset turnover strategy

The Group confirms its 2008 targets:

-Faster organic growth in sales

-Further growth in trading profit

Investor Calendar
Third-quarter revenue: Tuesday, 13 October 2008 after close of trading
www.groupe-casino.fr

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13 October 2008

Third Quarter 2008 Sales

Sales Q3
*based on constant scope of consolidation and exchange rates

Consolidated net sales for the third quarter of 2008 rose by 12.7% from the prior-year period, led by sustained organic growth of 7.3% and the full consolidation of Super de Boer in the Netherlands.

In France , the Group turned in a very good performance, reporting organic sales growth of 5.3% in market conditions that were similar to those observed in the second quarter.
Growth continued to be led by convenience and discount formats, as well as by private labels and value-line products.
Sales growth at Franprix-Leader Price accelerated to 12.1%, reflecting strong same-store growth (10% at Franprix and 5.3% at Leader Price) along with the effects of the more dynamic expansion strategy, which is being implemented according to plan.
In all, convenience store sales rose 5.7%, with Casino supermarkets achieving 8.6% growth and a further 0.1-point gain in market share.

This third quarter performance, which was in line with that for the first half, contributed to a robust 4.9% increase in sales over the first nine months of the year, in an environment that was consistent with the Group’s expectations and strategy.

In international markets , organic growth remained robust at 11.9%, reflecting gains of 11.6% in South America and 16.5% in Asia underpinned by strong same-store growth.

Sales for the third quarter attest to the effectiveness of the Group’s business model in the current environment, both in France and in international markets.
In France, Casino has a favourable mix of formats, which is heavily weighted towards convenience and discount banners. The Group will accelerate expansion on those promising and cash efficient formats. Casino is benefiting as well from the effectiveness of its differentiation levers, such as the development of private labels and increasingly personalised marketing thanks to dunnhumby.
Outside France, the Group boasts a platform of international assets concentrated in high potential markets (Brazil, Colombia, Thailand).

*
* *

The Group confirms its 2008 targets:
-Faster organic growth in sales.
-Further growth in trading profit.

FRANCE

Sales in France rose by 5.2% in the third quarter of 2008. The impact of the number of selling days was slightly positive at 0.7%.

Sales Q3 FRANCE

Franprix-Leader Price

Franprix-Leader Price reported sales up by a strong 12.1%, reflecting sustained same-store growth and accelerated expansion of the store base. Same-store growth came to 10% at Franprix (compared with 7.9% in the second quarter) and 5.3% at Leader Price (versus 4.9%). At both banners, the increase was driven mainly by higher checkout flowthroughs.
Fifteen Franprix stores and ten Leader Price stores were opened during the quarter. The accelerated pace of expansion will be maintained in the last three months of the year with 39 Franprix stores and 26 Leader Price stores scheduled to open.

Hypermarkets

Géant Casino hypermarket sales rose 0.5% on a same-store basis. Excluding gasoline, sales contracted 1.7%, primarily due to a 7.2% fall in non-food sales as consumers continued to curb their spending on non-essential items.

Food sales rose 0.8%, lifted by strong momentum in private label sales, with growth remaining in the double-digits. Private-label and value-line items accounted for 44.7% of FMCG and refrigerated product sales, an increase of four points for the quarter.

Checkout flowthroughs declined by 2.3%, while the average basket was up 0.7%.

These developments, which were in line with Group expectations, reflect a deepening of underlying market trends, with consumers turning their backs on hypermarkets in favour of convenience and discount formats and a shift in demand towards private labels and value-line items.
In this environment, Géant Casino continued to strengthen its shopper appeal by rolling out the new store concept, rationalizing the non-food line-up and developing increasingly personalised marketing thanks to dunnhumby.

Convenience stores

Supermarkets
Casino supermarkets enjoyed another period of strong growth, with sales for the quarter up 8.6% (5.5% on a same-store basis). Excluding gasoline, same-store growth came to 4.0%, lifted by a 3.6% increase in the average basket.
The banner continued to expand, opening three new stores during the quarter.
This robust sales performance translated into a further 0.1-point gain in market share during the period.

Monoprix
Monoprix sales were up 2.3% for the quarter, including 0.7% same-store growth. The banner’s differentiated positioning helped to drive a satisfactory performance, particularly in the non-food segment, despite the lacklustre market environment.
Three Monop’ stores were opened during the period.

Superettes
Superette sales for the quarter rose 3.2%, led by a sharp improvement in sales of beverages, fruit and vegetables.

Other Businesses

Sales by the other businesses (Cdiscount, Mercialys, Casino Cafétéria and Banque Casino) rose by a strong 10.8% in the third quarter, led by a 20.7% surge in revenues at Cdiscount. All in all, the additional revenue generated by Cdiscount fully offset the decline in the hypermarkets’ non-food sales.

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INTERNATIONAL

International sales expanded 30.5% in the third quarter. Changes in consolidation scope had a 21.7% positive impact, corresponding mainly to the full consolidation of Super de Boer from 1 January 2008. The currency effect was a negative 3.2%, due primarily to the decline in the Thai and Venezuelan currencies against the euro, partially offset by the appreciation of the Brazilian real during the period.

Organic growth remained very strong in South America, up 11.6%, and Asia, up 16.5%.

Sales Q3 INTERNATIONAL

In South America , same-store sales rose 10.0%, led mainly by faster growth at CBD – where same-store sales were up 13.6% compared with 8.1% in the first half – and by further very strong gains in Argentina, Venezuela and Uruguay.
CBD’s excellent performance in both the food and non-food segments attests to the effectiveness of the banner’s marketing strategy of competitive price positioning and product line-up renewal.
In a less favourable macroeconomic environment, overall performance in Colombia continued to be dampened by lower non-food sales.

Organic growth in Asia was a high 16.5%, led by a dynamic expansion strategy and satisfactory 4.1% same-store growth. In Thailand, Big C opened three hypermarkets during the quarter (in addition to the six opened in the first half), raising the total number of stores to 63 at end-September. A new hypermarket was also opened in Vietnam, where the store base now comprises eight units.

In the Indian Ocean , organic growth was a satisfactory 5.4% and same-store sales were up 5.2%, reflecting the success of marketing initiatives carried out during the quarter.

In the Netherlands , Super de Boer recorded same-store growth of 4.2% in the third quarter, a performance in line with the first half.

Main changes in the scope of consolidation

-Exito (Colombia), which was previously accounted for by the equity method, has been fully consolidated since 1 May 2007.
-Disco (Uruguay) has been proportionately consolidated on a 62.5% basis since 1 August 2007 (compared with 58% previously).
-Assai (Brazil) has been fully consolidated within CBD since 1 November 2007.
-Super de Boer (Netherlands), which was previously accounted for by the equity method, has been fully consolidated since 1 January 2008.

Main changes in the scope of consolidation and Average exchange rates

Stores FRANCE

Stores INTERNATIONAL


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28 August 2008

Casino announces the cancellation of 293,456 ordinary shares

At its meeting on 27 August 2008, the Board of Directors decided to cancel:
-293,456 ordinary shares
-246,384 preferred shares

Based on the number of shares outstanding at 27 August 2008, the cancelled shares represent 0.30% of Casino’s ordinary shares and 1.63% of its preferred non-voting shares.

The cancelled ordinary shares comprise 291,856 shares purchased on the exercise of call options on shares issued upon exercise of employee stock options and 1,600 other shares held in treasury. During the last 24 months, a total of 101,214 ordinary shares purchased on the
exercise of call options have been cancelled.

The preferred non-voting shares were acquired by an agent acting on behalf of the Group in view of their cancellation. This transaction was carried out under the share buy-back programme approved by the Annual General Meeting.

As of today, after taking into account the cancelled shares, the share capital consists of 96,965,591 ordinary shares and 14,877,872 preferred shares.

Saint-Etienne – 28 August 2008

11 July 2008

Second Quarter 2008 Sales Up a Strong 14.6%

Saint-Etienne, 11 July 2008

Second Quarter 2008 Sales

Consolidated net sales for the second quarter of 2008 were up 14.6% over the year-earlier period, reflecting sustained 6.3% organic growth and the full consolidation of Super de Boer (Netherlands) and Exito (Colombia).

In France , the Group performed well, with sales up 4.2%.
The lacklustre retail environment and the rise in gasoline prices accentuated the trends observed in the French market in recent months, with consumers continuing to show a marked preference for convenience and discount formats, as well as for private labels and value-line products.
These market trends are in line with the Group’s expectations and confirm the validity of its strategy. The Group’s robust sales in France reflect its favourable format mix and the effectiveness of the sales and marketing strategies deployed by the banners.

Franprix/Leader Price continued to recover strongly, with sales up 9.0% led by faster same-store growth – at Franprix, same-store sales expanded 7.9% versus 5.8% in the first quarter, while at Leader Price the growth rate rose to 4.9% from 1.3%.
Casino supermarkets reported sales up by a robust 9.1%, consolidating their market share gains with a 0.1 point increase over the first six months of the year. Monoprix delivered a satisfactory performance, with sales up 2.5%.

The Casino brand went from strength to strength, with sales growth remaining in the double digits. Casino is the leading private label, measured as a percentage of total sales. Its success is attributable to competitive pricing and an assertive innovation policy.

In international markets, organic growth remained robust at 11.8%, reflecting gains of 12.6% in South America and 13.4% in Southeast Asia. The increase in same-store sales was particularly high in South America.
This performance confirmed the role as a growth driver of international operations, which now account for close to 35% of consolidated sales.

The Group confirms its objectives for full year 2008:
Faster organic growth in sales.
Further growth in trading profit.

First-half results will be published on 28 August 2008 (before the stock market opens).

FRANCE

Sales in France rose 4.2% in the second quarter of 2008. The difference in the number of selling days had a 0.7% negative impact, compared to a 0.3% positive impact in the first quarter. Restated for the calendar effect, second quarter performance (up 4.9%) was in line with the first quarter (up 5%).

Sales FRANCE

Franprix/Leader Price

Franprix/Leader Price recorded another good quarter, with sales up a solid 9.0%, confirming the sales recovery.

Franprix reported another improvement in same-store performance, with sales up 7.9% versus 5.8% in the first quarter, while at Leader Price same-store growth accelerated to 4.9% from 1.3%. At both banners, same-store growth was driven mainly by higher checkout flowthroughs, demonstrating the effectiveness of their marketing initiatives and the customer appeal of their concepts.

Hypermarkets

Géant Casino hypermarket sales rose 0.4% on a same-store basis. Excluding gasoline, sales contracted 3%. This was primarily due to a 7.5% fall in non-food sales (compared with a 6.3% decline in the first quarter), as consumers reduced their spending on non-essential items in a lacklustre retail environment shaped by high energy prices.

The 1.2% dip in food sales reflected the ongoing shift towards private-label products and the price investments made since the beginning of the year, both of which are in line with the banner’s marketing strategy.
Private-label and value-line items accounted for 44.5% of FMCG and refrigerated product sales, an increase of four points for the quarter that was driven by continued double-digit growth in Casino brand sales.
Deployment of the dunnhumby approach has enabled Géant Casino to continue enhancing its price competitiveness. Since the beginning of the year, the banner has offered the market’s lowest prices on more than 2,500 national brand, private-label and value-line products, which together account for 42% of FMCG and refrigerated products sold in Géant Casino hypermarkets.

Checkout flowthroughs declined by 2.4% in the second quarter (1.7% based on the same number of selling days), representing an improvement compared with the 3.6% fall observed in the first quarter.

Convenience stores

Supermarkets
Casino supermarkets confirm their strong momentum, with same-store sales rising 6.1% or 3.5% excluding gasoline. Growth was led by a 1.2% rise in checkout flowthroughs, in line with the trend observed in recent quarters, and a 2.3% increase in the average basket.

The continued implementation of an assertive expansion strategy helped to drive a 9.1% increase in the banner’s total sales.

Thanks to the success of the sales strategy, the Casino supermarkets once again outperformed the market, increasing their share by 0.1 point compared with end-2007.

Monoprix
Monoprix sales were up 2.5% for the quarter, including 0.4% same-store growth.
The banner’s differentiated positioning, especially in textiles, helped to drive a satisfactory performance in the non-food segment despite the lacklustre market environment.
Monoprix intends to continue expanding rapidly, in particular by deploying new concepts. During the period, four Monop’ stores and one Daily Monop’ were opened, and Monoprix announced the acquisition of Naturalia, one of the leading organic product retailers, thereby strengthening its presence in this fast-growing segment.

Superettes
Superette sales for the quarter dipped 0.5%.

Other Businesses

Sales by the other businesses (Cdiscount, Mercialys, Casino Cafétéria and Banque Casino) rose 10.7% in the second quarter, led by very strong 17% growth at Cdiscount.

INTERNATIONAL

International sales surged by 41.1% over the quarter, led by the full consolidation of Exito as of 1 May 2007 and of Super de Boer as of 1 January 2008, which together accounted for 35.3 points of the increase. The currency effect was a negative 6.0%, due primarily to the decline in the Thai, Colombian and Venezuelan currencies against the euro.

Organic growth was a very strong 11.8%, reflecting double-digit increases in both South America and Asia.

Sales INTERNATIONAL

In South America , organic growth was a robust 12.6%, lifted by same-store growth of 9.4%.
In Brazil, CBD reported a 7.3% increase in same-store sales in the quarter and 8.1% in the first half, reflecting satisfactory performances in both food and non-food.
Operations in Argentina, Venezuela and Uruguay continued to deliver very high same-store growth.
In Colombia, Exito continued to integrate Carulla Vivero and to leverage synergies, notably by pursuing the store conversion and banner rationalisation programme.

Organic growth in Asia came to 13.4%, led by sustained expansion of the store base and a satisfactory 4.5% increase in same-store sales. In Thailand, Big C stepped up its expansion programme, increasing the store base to 60 as of 30 June with five new hypermarkets opened during the quarter.

In the Indian Ocean, organic growth was satisfactory at 4.2%, with same-store sales up 3.5%.

In the Netherlands , Super de Boer recorded same-store growth of 1.5% in the second quarter, down from 7% in the first three months. This was due to the timing of the Easter holiday this year and to reduced promotional activity compared with the year-earlier period. Same-store growth for the first half of the year stood at 4.2%.

Main changes in the scope of consolidation

Exito (Colombia), which was previously accounted for by the equity method, has been fully consolidated since 1 May 2007.
Disco (Uruguay) has been proportionately consolidated on a 62.5% basis since 1 August 2007, versus 58% as from 1 October 2006.
Assai (Brazil) has been fully consolidated within CBD since 1 November 2007.
Super de Boer (Netherlands), which was previously accounted for by the equity method, has been fully consolidated since 1 January 2008.

Consolidation

Average exchange rates

Stores FRANCE

Stores INTERNATIONAL

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2 June 2008

Appointment of a Temporary Administrator for Geimex and Disclosure of the Baud Family’s Illegal Arrangements in Switzerland

Saint-Etienne – 2 June 2008

The President of the Paris Commercial Tribunal has appointed a temporary administrator for Geimex, the company that owns the rights to the Leader Price brand in markets outside metropolitan France and its overseas territories. Geimex is 50%-owned by Casino and 50% by the Baud family. The appointment was requested by Casino back in September 2007.

The appointment marks a new phase in the recognition of Casino’s rights. In particular, it will help to shed more light on the arrangements made by the Baud family in Switzerland. Casino has compiled evidence that the Baud family has developed operations in Switzerland in violation both of French law and of the exclusive, non-compete agreements between the two Geimex shareholders.

Casino also intends to respond firmly to the totally baseless accusations brought against some of its representatives before the Paris Tribunal de Grand Instance.

The Casino Group is committed to ensuring that Geimex can continue to do business under satisfactory conditions.

21 April 2008

First Quarter 2008 Sales Up a Very Strong 25.2%

Saint-Etienne, 21 April 2008

Consolidated net sales

Consolidated sales for the first quarter of 2008 rose a very strong 25.2% from the prior-year period, led by faster organic growth of 7.6% and the full consolidation of Exito in Colombia and Super de Boer in the Netherlands.

Performance was satisfactory in France, where sales gained 5.3% on robust growth at the supermarket banners – Casino supermarkets (up 10.1%) and Monoprix (up 4.1%) – and the sustained increase in Franprix/Leader Price sales (up 8.5%).

At the latter banners, the upturn in sales reported in fourth-quarter 2007 gathered momentum in the first three months of 2008. Same-store growth turned positive at Leader Price, at 1.3% versus a 3.8% decline in fourth-quarter 2007, and continued to improve at Franprix, gaining 5.8%.

The Group is benefiting from its favourable format mix, which is heavily weighted towards the market’s most promising segments, supermarkets and discount formats. The good performance in France also reflects the effectiveness of the Group’s marketing policies and the ramp up of its differentiation drivers, particularly the strong development of private-label sales which once again enjoyed double-digit growth for the period.

International operations confirmed their role as a growth driver, with organic growth accelerating to 15.2% for the quarter on faster gains of 20.1% in South America and 12.6% in Asia. This excellent performance reflected sustained same-store growth, particularly in South America, and the Group’s assertive expansion strategy in the key countries of Brazil, Colombia and Thailand.
International operations now account for close to 35% of consolidated sales.

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* *

The Group confirms its objectives for full year 2008:
-Faster organic growth in sales.
-Further growth in trading profit.

FRANCE

Sales in France rose 5.3% in the first quarter of 2008, including a slight 0.3% positive impact from the number of selling days.

First quarter 2008

Franprix/Leader Price

Franprix/Leader Price sales rose 8.5% in the first quarter, demonstrating that the sales recovery is gaining momentum at both banners.

Franprix reported another improvement in same-store performance, up 5.8%, while at Leader Price same-store sales rose 1.3%, sustaining the upturn observed in fourth-quarter 2007. At both banners, same-store growth was driven mainly by higher checkout flowthroughs, demonstrating the effectiveness of the banners’ marketing initiatives and the customer appeal of their concepts.

Hypermarkets

Géant Casino hypermarket sales rose 1% on a same-store basis. Excluding gasoline, sales were down 1.5% for the quarter, with the average basket up 2.1%.

Given the lacklustre state of consumer spending, non-food sales contracted by 6.3%, with every product family showing a decline.

Food sales edged up just 0.3%, reflecting, in particular, the shift towards private-label products and the impact of price investments during the period.

Private-label sales enjoyed double-digit growth, thanks to the brand’s competitive price positioning and assertive innovation strategy. Private-label and value-line items accounted for 43% of FMCG and refrigerated product sales, an increase of three points for the quarter.

Deployment of the dunnhumby approach has enabled Géant Casino to continue enhancing its price competitiveness. Since the beginning of the year, the banner has offered the market’s lowest prices on more than 2,500 national brand, private-label and value line products, which together accounted for 42% of the FMCG and refrigerated products sold in Géant Casino hypermarkets, versus 28% previously.

Convenience stores

Supermarkets
Casino supermarkets turned in an excellent performance for the quarter, with same-store sales rising 7.5% or 5% excluding gasoline. Growth was led by a 1.6% rise in checkout flowthroughs and a 3.4% increase in the average basket.

These good results reflect the sustained success of the banner’s marketing strategy, based on developing the private label, enhancing the fresh food offering and leveraging the cooperation with dunnhumby to optimise pricing and product offerings.

The continued implementation of an assertive expansion strategy helped to drive a 10.1% increase in total reported sales.

Monoprix
Monoprix sales were up 4.1% for the quarter, or 2.3% on a same-store basis. Performance was satisfactory in both food and non-food items, despite market conditions that were unfavourable for apparel sales in March. Monoprix is benefiting from its differentiated positioning as a city-centre banner, offering a high-quality, contemporary merchandise selection.

The chain continued to develop new concepts, with the opening of three Monop’ stores during the period.

Superettes
Superettes sales were up 1.7% for the quarter.

Other Businesses

Sales by the other businesses (Cdiscount, Mercialys, Casino Cafétéria and Banque Casino) rose 11.2% in the first quarter, with Cdiscount reporting sustained strong sales growth, at 16% for the period.

INTERNATIONAL

International sales surged 93% in the first quarter, led by the full consolidation of Exito as of 1 May 2007 and of Super de Boer as of 1 January 2008, which together accounted for 79.7 points of growth. The currency effect was a negative 1.9%, due primarily to the decline in the Venezuelan, Thai and Argentine currencies against the euro, partially offset by the appreciation of the Brazilian real during the period.

Organic growth was a very strong 15.2%, reflecting faster momentum in both South America and Asia.

Growth in consolidated net sales - Q1 2008

In South America , organic growth was a very strong 20.1%, lifted by sustained same-store growth of 13.2%. In Brazil, CBD reported a sharp improvement in same-store sales, which rose 8.9% with faster gains in both food and non-food segments. Operations in Argentina, Venezuela and Uruguay continued to deliver very high same-store growth.

In Colombia, Exito continued to integrate Carulla Vivero and to leverage synergies, notably by pursuing the store conversion and banner rationalisation programme.

Organic growth in Asia came to 12.6%, led by sustained expansion of the store base and a satisfactory 4.8% increase in same-store sales. In Thailand, Big C opened a new hypermarket during the quarter, increasing the store base to 55 as of 31 March.

In the Indian Ocean , organic growth stood at 3.3%, with same-store sales up 3.0%.

In the Netherlands, Super de Boer has been fully consolidated since 1 January 2008. Same-store growth gathered momentum in the first quarter, rising 7% and attesting to the success of the chain’s marketing strategy. The Casino Group now owns 57% of Super de Boer following the acquisition of a 12% stake from Amber in the first quarter.

Main changes in the scope of consolidation

-Exito (Colombia), which was previously accounted for by the equity method, has been fully consolidated since 1 May 2007.
-Disco (Uruguay) has been proportionately consolidated on a 62.5% basis since 1 August 2007, versus 58% as from 1 October 2006.
-Assai (Brazil) has been fully consolidated within CBD since 1 November 2007.
-Super de Boer (Netherlands), which was previously accounted for by the equity method, has been fully consolidated since 1 January 2008.

1st Quarter

Stores FRANCE

Stores INTERNATIONAL

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