Casino Q1 French sales down, hypermarkets worsen
PARIS, April 18
PARIS, April 18 (Reuters) - Casino posted a quarterly revenue drop for its core French market, including a worse-than-expected 11.5 percent fall in hypermarkets, as the French retailer failed to benefit from recent price cuts.
Overall group sales for Casino, which controls Brazil's top retailer Grupo Pao de Acucar, rose 33.7 percent on a reported basis, to 11.7 billion euros ($15.31 billion), as the company offset French weakness thanks to robust growth in emerging markets in Latin America and Asia.
Stripping out acquisitions, currency effects and excluding petrol, this was a like-for-like rise of 2.5 percent and a slowdown from 3.2 percent growth in the fourth quarter 2012.
($1 = 0.7644 euros) (Reporting by Dominique Vidalon; Editing by Lionel Laurent)
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