SAINT-ETIENNE, France--(Business Wire)--
Regulatory News:
Casino (Paris:CO)
Sustained Organic Growth of 7.3%
Very good performance in France, with sales up 5.3%
Continued rapid growth in international markets, with sales up
11.9%
Increased Momentum at Franprix-Leader Price, With Sales Up 12.1%
(vs. 9% in Q2 2008)
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Q3 2008 9 months % Change QoQ % Change 9Mo9M
Consolidated net sales (EUR m) 2008
(EUR m)
-------------- --------------
euros organic* euros organic*
----------------------- ------- -------- ----- -------- ----- --------
Continuing operations 7,214.2 21,026.8 12.7% 7.3% 17.1% 7.0%
France 4,737.3 13,747.7 5.2% 5.3% 4.9% 4.9%
International 2,476.9 7,279.1 30.5% 11.9% 50.2% 12.7%
----------------------- ------- -------- ----- -------- ----- --------
*T
*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).
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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%.
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(EUR millions) Third Quarter 9 months
------------------------ --------------------------
2007 2008 % change 2007 2008 % change
------------------ ------- ------- -------- -------- -------- --------
Net sales, France 4,504.0 4,737.3 5.2% 13,104.8 13,747.7 4.9%
Franprix/Leader 908.3 1,018.3 12.1% 2,876.0 3,156.6 9.8%
Price
Géant Casino
hypermarkets 1,612.3 1,608.6 -0.2% 4,553.7 4,551.1 -0.1%
Convenience stores 1,719.1 1,817.5 5.7% 4,872.3 5,149.7 5.7%
Casino 871.0 945.8 8.6% 2,392.7 2,613.5 9.2%
supermarkets
Monoprix 410.9 420.5 2.3% 1,284.8 1,323.2 3.0%
Superettes 437.2 451.2 3.2% 1,194.8 1,213.0 1.5%
Other businesses 264.3 292.9 10.8% 802.8 890.2 10.9%
------------------ ------- ------- -------- -------- -------- --------
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Same-store sales Third Quarter 2008 9 months 2008
------------------ ------------------
% change Excluding % change Excluding
gasoline gasoline
-------------------------------- -------- --------- -------- ---------
Franprix 10.0% 10.0% 7.8% 7.8%
Leader Price 5.3% 5.3% 3.8% 3.8%
Géant Casino hypermarkets 0.5% -1.7% 0.7% -2.1%
Casino supermarkets 5.5% 4.0% 6.3% 4.2%
Monoprix 0.7% 0.7% 1.2% 1.2%
-------------------------------- -------- --------- -------- ---------
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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%.
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Consolidated data, Reported change Organic growth Same-store
in EUR millions sales
---------------- ---------------- ---------------
Q3 2008 9 months Q3 2008 9 months Q3 9 months
08 08 2008 08
-------------------- ------- -------- ------- -------- ------ --------
South America 15.1% 41.2% 11.6% 13.8% 10.0% 10.7%
Asia 0.3% 2.0% 16.5% 14.3% 4.1% 4.4%
Indian Ocean 3.2% 2.1% 5.4% 4.3% 5.2% 3.9%
-------------------- ------- -------- ------- -------- ------ --------
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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.
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3rd Quarter Change
--------------- ------------------
2007 2008 Reported At
EUR m EUR m constant
ex.rates
---------------------------------- ------- ------- -------- ---------
FRANCE 4,504.0 4,737.3 5.2% 5.2%
O/w:
Franprix - Leader Price 908.3 1,018.3 12.1% 12.1%
Géant Casino Hypermarkets 1,612.3 1,608.6 -0.2% -0.2%
Convenience 1,719.1 1,817.5 5.7% 5.7%
Casino Supermarkets 871.0 945.8 8.6% 8.6%
Monoprix 410.9 420.5 2.3% 2.3%
Superettes 437.2 451.2 3.2% 3.2%
Other 264.3 292.9 10.8% 10.8%
INTERNATIONAL 1,898.7 2,476.9 30.5% 33.7%
o/w :
South America 1,310.1 1,507.7 15.1% 15.0%
Asia 385.0 386.0 0.3% 16.5%
Indian Ocean 203.3 209.8 3.2% 3.1%
Netherlands 0.0 373.0 ns ns
Other (Poland) 0.3 0.4 33.8% 17.5%
================================== ======= ======= ======== =========
Net Sales continuing operations 6,402.7 7,214.2 12.7% 13.6%
================================== ======= ======= ======== =========
Net Sales discontinued operations 0.5 0.0
================================== ======= ======= ======== =========
Consolidated sales 6,403.2 7,214.2
================================== ======= ======= ======== =========
9 months Change
----------------- ------------------
2007 2008 Reported At
EUR m EUR m constant
ex.rates
--------------------------------- -------- -------- -------- ---------
FRANCE 13,104.8 13,747.7 4.9% 4.9%
O/w:
Franprix - Leader Price 2,876.0 3,156.6 9.8% 9.8%
Géant Casino Hypermarkets 4,553.7 4,551.1 -0.1% -0.1%
Convenience 4,872.3 5,149.7 5.7% 5.7%
Casino Supermarkets 2,392.7 2,613.5 9.2% 9.2%
Monoprix 1,284.8 1,323.2 3.0% 3.0%
Superettes 1,194.8 1,213.0 1.5% 1.5%
Other 802.8 890.2 10.9% 10.9%
INTERNATIONAL 4,845.2 7,279.1 50.2% 54.1%
o/w :
South America 3,103.1 4,381.6 41.2% 42.7%
Asia 1,136.9 1,159.2 2.0% 14.3%
Indian Ocean 604.2 617.1 2.1% 2.0%
Netherlands 0.0 1,120.0 ns ns
Other (Poland) 0.9 1.1 19.8% 7.4%
================================= ======== ======== ======== =========
Net Sales continuing operations 17,949.9 21,026.8 17.1% 18.2%
================================= ======== ======== ======== =========
Net Sales discontinued operations 625.0
================================= ======== ======== ======== =========
Consolidated sales 18,574.9 21,026.8
================================= ======== ======== ======== =========
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Average exchange rates H1 H1 % Change 9 9 % Change
2007 2008 months months
07 08
------------------------ ----- ----- -------- ------- ------- --------
Argentina (ARS / EUR) 0.243 0.208 -14.5% 0.239 0.211 -11.7%
Uruguay (UYP / EUR) 0.031 0.032 3.0% 0.031 0.033 5.3%
Venezuela (VEB / EUR)
(x1,000) 0.350 0.304 -13.3% 0.346 0.306 -11.7%
Thailand (THB / EUR) 0.023 0.021 -8.7% 0.023 0.020 -10.9%
Vietnam (VND/EUR)
(x1,000) 0.047 0.041 -13.1% 0.046 0.040 -12.2%
Colombia (COP / EUR)
(x1,000) 0.355 0.355 0.0% 0.356 0.354 -0.7%
Brazil (R$ / EUR) 0.368 0.385 4.7% 0.372 0.390 4.9%
------------------------ ----- ----- -------- ------- ------- --------
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France Dec June Sept
31, 30, 30,
07 08 08
==================================================== ===== ===== =====
Géant Casino hypermarkets 129 131 131
Of which French Affiliates 6 6 6
International Affiliates 11 14 14
+ Service stations 99 99 99
==================================================== ===== ===== =====
Casino supermarkets 379 386 392
Of which French Franchise Affiliates 71 69 69
International Franchise Affiliates 17 18 21
+ Service Stations 140 144 145
Franprix supermarkets 652 668 683
Of which Franchise 289 282 277
Monoprix-Prisunic supermarkets 330 336 332
Of which Franchise outlets/Affiliates 53 52 45
Leader Price discount stores 489 503 513
Of which Franchise outlets 221 203 206
==================================================== ===== ===== =====
Total SM + DIS
Of which Franchise outlets/Stores operated under 1,850 1,893 1,920
Business leases 651 624 618
==================================================== ===== ===== =====
SUP Petit Casino 1,947 1,927 1,918
Of which Franchise 25 36 36
SUP Eco Services 14 9 8
Of which Franchise 13 8 7
SUP Spar 893 895 898
Of which Franchise 716 717 720
SUP Vival 1,620 1,676 1,686
Of which Franchise 1,620 1,676 1,686
SUP Casitalia et C'Asia 22 24 23
MAG Franchisés 1,133 1,161 1,158
Casino supermarkets 5
Corners, Relay, Shell, Elf, Carmag... 1,128 1,161 1,158
Wholesale activity 411 455 448
==================================================== ===== ===== =====
TOTAL CONVENIENCE STORES
Of which Franchise outlets/Stores operated under 6,040 6,147 6,139
Business leases 3,918 4,053 4,055
==================================================== ===== ===== =====
Other Affiliates stores 100 100 100
Of which France Affiliates 98 98 98
International Affiliates 2 2 2
---------------------------------------------------- ----- ----- -----
Other businesses 278 272 270
Imagica 21 19 11
Cafétérias 257 253 259
---------------------------------------------------- ----- ----- -----
TOTAL France 8,397 8,543 8,560
==================================================== ===== ===== =====
Hypermarkets (HM) 129 131 131
Supermarkets (SM) 1,361 1,390 1,407
Discount (DIS) 489 503 513
Superettes (SUP) + other stores (MAG) 6,140 6,247 6,239
Other 278 272 270
==================================================== ===== ===== =====
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HM : hypermarkets SM : supermarkets DIS : discount SUP :
superettes MAG : stores DIV : other LGA : stores opened under business
leases
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International Dec June Sept
31, 30, 30,
07 08 08
==================================================== ===== ===== =====
ARGENTINA 62 63 64
Libertad hypermarkets 13 13 14
Leader Price discount stores 25 26 26
Other businesses 24 24 24
---------------------------------------------------- ----- ----- -----
URUGUAY 52 52 52
Géant hypermarkets 1 1 1
Disco supermarkets 27 27 27
Devoto supermakets 24 24 24
---------------------------------------------------- ----- ----- -----
VENEZUELA 62 62 60
Exito hypermarkets 6 6 6
Cada supermarkets 38 38 36
Q precios discount stores 18 18 18
---------------------------------------------------- ----- ----- -----
BRAZIL 575 575 579
Extra hypermarkets 91 91 93
Päo de Açucar supermarkets 153 154 153
Sendas supermarkets 62 62 62
Extra Perto supermarkets 15 15 15
CompreBem supermarkets 178 173 171
Assai discount stores 15 16 18
Extra Facil supermarkets 19 22 25
Eletro (other businesses) 42 42 42
---------------------------------------------------- ----- ----- -----
THAILAND 58 68 71
Big C hypermarkets 54 60 63
Leader Price discount stores 4 8 8
---------------------------------------------------- ----- ----- -----
VIETNAM 7 7 8
Big C hypermarkets 7 7 8
---------------------------------------------------- ----- ----- -----
INDIAN OCEAN 49 49 51
Jumbo Hypermarkets 11 11 11
Score/Jumbo supermarkets 19 19 20
Cash and Carry supermarkets 5 5 6
Spar supermarkets 6 6 6
Other businesses 8 8 8
---------------------------------------------------- ----- ----- -----
COLOMBIA
Exito hypermarkets 257 261 260
Pomona and Carulla supermarkets 74 81 85
Bodega discount stores 92 93 92
Ley, Q Precios, Merquefacil, Surtimax and 6 9
others 91 81 74
---------------------------------------------------- ----- ----- -----
NETHERLANDS 315 311 308
Konmar supermarkets
Super de Boer supermarkets 315 311 308
---------------------------------------------------- ----- ----- -----
TOTAL INTERNATIONAL 1,437 1,448 1,453
==================================================== ===== ===== =====
Hypermarkets (HM) 257 270 281
Supermarkets (SM) 934 927 920
Discount (DIS) 62 74 79
Other businesses (DIV) 184 177 173
---------------------------------------------------- ----- ----- -----
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www.groupe-casino.fr
Casino
Investor Relations
Nadine COULM
ncoulm@groupe-casino.fr
+33 (0)1 53 65 64 17
or
Aline NGUYEN
anguyen@groupe-casino.fr
+33 (0)1 53 65 64 85
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