-- Faster Organic Growth, at 7.6% (vs. 3.8% in 2007)
France up 5.3% (vs. 1.8% in 2007) - International operations
up 15.2% (vs. 11.2% in 2007)
-- Sustained recovery at Franprix/Leader Price
SAINT-ETIENNE, France--(Business Wire)--
Regulatory News:
Groupe Casino (Paris:CO):
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Consolidated net sales Q1 2007 Q1 2008 % change QoQ
EUR m EUR m -----------------
Reported Organic*
-------------------------------------------- ------- -------- --------
Continuing operations 5,480.4 6,861.8 25.2% 7.6%
France 4,238.9 4,465.3 5.3% 5.3%
International 1,241.5 2,396.5 93.0% 15.2%
-------------------------------------------- ------- -------- --------
*T
*Based on constant scope of consolidation and exchange rates
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.
*
* *
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.
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In EUR millions First quarter
------------------------
2007 2008 % Change
----------------------------------------------------- ------- --------
Net sales, France 4,238.9 4,465.3 5.3%
Franprix - Leader Price 982.3 1,065.4 8.5%
Géant Casino hypermarkets 1,447.7 1,462.1 1.0%
Convenience stores 1,530.2 1,628.0 6.4%
Casino supermarkets 730.0 803.7 10.1%
Monoprix 436.7 454.7 4.1%
Superettes 363.5 369.6 1.7%
Other businesses 278.7 309.9 11.2%
----------------------------------------------------- ------- --------
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Same-store sales First quarter 2008
-------------------
Including Excluding
gasoline gasoline
-------------------------------------------------- --------- ---------
Franprix 5.8% 5.8%
Leader Price 1.3% 1.3%
Géant Casino hypermarkets 1.0% -1.5%
Casino supermarkets 7.5% 5.0%
Monoprix 2.3% 2.3%
-------------------------------------------------- --------- ---------
*T
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.
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Growth in consolidated net sales - Q1 2008 In Organic Same-
euros store
======================================================= ======= ======
South America 111.7% 20.1% 13.2%
Asia 7.1% 12.6% 4.8%
Indian Ocean 1.4% 3.3% 3.0%
------------------------------------------------------- ------- ------
*T
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.
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1st Quarter Variation
--------------- ----------------
2007 2008 In At
EUR m EUR m Euros constant
ex.rates
--------------------------------------------- ------- ------ ---------
FRANCE 4,238.9 4,465.3 5.3% 5.3%
Of which :
Franprix - Leader-Price 982.3 1,065.4 8.5% 8.5%
Géant Casino hypermarkets 1,447.7 1,462.1 1.0% 1.0%
Convenience 1,530.2 1,628.0 6.4% 6.4%
Casino supermarkets 730.0 803.7 10.1% 10.1%
Monoprix 436.7 454.7 4.1% 4.1%
Superettes et Franchise 363.5 369.6 1.7% 1.7%
Other businesses 278.7 309.9 11.2% 11.2%
INTERNATIONAL 1,241.5 2,396.5 93.0% 94.9%
Of which :
South America 678.8 1,437.2 111.7% 112.4%
Asia 361.0 386.7 7.1% 12.6%
Indian Ocean 201.4 204.1 1.4% 1.1%
Netherlands 368.1 ns ns
Others 0.3 0.4 18.0% 8.5%
--------------------------------------------- ------- ------ ---------
NET SALES CONTINUING OPERATIONS 5,480.4 6,861.8 25.2% 25.6%
--------------------------------------------- ------- ------ ---------
NET SALES DISCOUNTINUED OPERATIONS 363.7 ns ns
CONSOLIDATED NET SALES 5,844.1 6,861.8 ns ns
--------------------------------------------- ------- ------ ---------
*T
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Average exchange rates Q1 Q1 Change
2007 2008
-------------------------------------------------------- ------ ------
Argentina (ARS / EUR) 0.2465 0.2114 -14.2%
Uruguay (UYP / EUR) 0.0314 0.0319 1.5%
Venezuela (VEB / EUR) (x1000) 0.3555 0.3100 -12.8%
Thaïland (THB / EUR) 0.0225 0.0215 -4.4%
Vietnam (VND/EUR) (x1000) 0.0462 0.0415 -10.2%
Colombia (COP / EUR) (x1000) 0.3437 0.3491 1.6%
Brazil (R$ / EUR) 0.3622 0.3843 6.1%
-------------------------------------------------------- ------ ------
*T
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Investor Relations
Nadine COULM Aline NGUYEN
--------------------------------- ----------------------------------
ncoulm@groupe-casino.fr anguyen@groupe-casino.fr
+33 (0)1 53 65 64 17 +33 (0)1 53 65 64 85
--------------------------------- ----------------------------------
*T
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FRANCE 31 31December 31
March 07 March
07 08
==================================================== ========== ======
Géant Casino hypermarkets 127 129 130
Of which French Affiliates 6 6 6
International Affiliates 9 11 13
+ Service stations 99 99 99
==================================================== ========== ======
Casino supermarkets 375 379 382
Of which French Franchise Affiliates 81 71 68
International Franchise Affiliate 16 17 18
+ Service stations 131 140 142
Franprix supermarkets 634 652 662
Of which Franchise outlets 293 289 289
Monoprix-Prisunic supermarkets 316 330 331
Of which Franchise outlets/Affiliates 55 53 52
Leader Price discount stores 476 489 493
Of which Franchise outlets 212 221 203
==================================================== ========== ======
Total SM + DIS
Of which Franchise outlets/Stores operated
under 1,801 1, 850 1,868
Business leases 657 651 630
==================================================== ========== ======
SUP Petit Casino 2,025 1,947 1,931
Of which Franchise 28 25 26
SUP Eco Services 30 14 10
Of which Franchise 28 13 9
SUP Spar 876 893 894
Of which Franchise 699 716 716
SUP Vival 1,624 1,620 1,644
Of which Franchise 1,624 1,620 1,644
Casitalia et C'Asia superettes 20 22 24
Other Franchises stores 1,190 1,133 1,135
Casino supermarkets 12 5
Corners, Relay, Shell, Elf, Carmag. 1,178 1,128 1,135
Wholesale activity 110 411 457
==================================================== ========== ======
TOTAL CONVENIENCE STORES
Of which Franchise outlets/Stores operated
under 5, 875 6,040 6, 095
Business leases 3,679 3,918 3,987
==================================================== ========== ======
Other affiliates stores 102 100 100
Of which France Affiliates 100 98 98
International Affiliates 2 2 2
---------------------------------------------------- ---------- ------
Other businesses 295 278 275
Imagica 31 21 20
Cafétérias 264 257 255
---------------------------------------------------- ---------- ------
TOTAL France 8,200 8,397 8,468
==================================================== ========== ======
Hypermarkets (HM) 127 129 130
Supermarkets (SM) 1,325 1,361 1,375
Discount (DIS) 476 489 493
Superettes (SUP) + other stores (MAG) 5,977 6,140 6,195
Other 295 278 275
==================================================== ========== ======
*T
HM : hypermarkets SM : supermarkets DIS : discount SUP :
superettes MAG : stores DIV : other LGA : stores opened under business
leases
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International 31 31December 31
March 07 March
07 08
==================================================== ========== ======
ARGENTINA 61 62 62
Libertad hypermarkets 13 13 13
Leader Price discount stores 25 25 25
Other businesses 23 24 24
---------------------------------------------------- ---------- ------
URUGUAY 49 52 52
Géant hypermarkets 1 1 1
Disco supermarkets 25 27 27
Devoto supermarkets 23 24 24
---------------------------------------------------- ---------- ------
VENEZUELA 64 62 62
Exito hypermarkets 6 6 6
Cada supermarkets 39 38 38
Q precio discount stores 19 18 18
---------------------------------------------------- ---------- ------
BRAZIL 550 575 575
Extra hypermarkets 83 91 91
Päo de Açucar supermarkets 164 153 153
Sendas supermarkets 62 62 62
Extra Perto supermarkets 15 15
CompreBem supermarkets 183 178 175
Assai discount stores 15 16
Extra Facil supermarkets 8 19 21
Eletro (other businesses) 50 42 42
---------------------------------------------------- ---------- ------
THAILAND 55 58 60
Big C hypermarkets 49 54 55
Leader Price discount stores 6 4 5
---------------------------------------------------- ---------- ------
VIETNAM 6 7 7
Big C hypermarkets 6 7 7
---------------------------------------------------- ---------- ------
INDIAN OCEAN 45 49 49
Jumbo hypermarkets 11 11 11
Score/Jumbo supermarkets 19 19 19
Cash and Carry supermarkets 5 5 5
Spar supermarkets 6 6 6
Other businesses 4 8 8
---------------------------------------------------- ---------- ------
COLOMBIA
Exito hypermarkets 111 257 258
Pomona and Carulla supermarkets 47 74 77
Ley, Q Precios, Merquefacil, Surtimax and 12 92 92
others 52 91 89
---------------------------------------------------- ---------- ------
NETHERLANDS 360
Konmar supermarkets 1 331 313
Super de Boer supermarkets 358 1
Edah discount stores 1 330 313
---------------------------------------------------- ---------- ------
TOTAL INTERNATIONAL 1, 301 1,453 1,438
==================================================== ========== ======
Hypermarkets (HM) 216 257 261
Supermarkets (SM) 897 950 929
Discount (DIS) 51 62 64
Other businesses (DIV) 137 184 184
==================================================== ========== ======
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