Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (7 lettori)
- Creatore Discussione TRADING_IDEAS
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hernan1
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Fabrib
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PARIS--Groupe Casino SA's (CO.FR) sales rose in the third quarter, boosted by an increase in food sales in Brazil and currency gains in Latin America.
The company, which operates supermarkets in France and abroad, reported sales of 10.43 billion euros ($11.49 billion) for the three months to Sept. 30, up 6.7% from the same period last year.
Casino said its business in France posted a fall as it moved ahead with plans to close 282 loss-making stores and sales at its low-cost Leader Price banner declined.
However, Latin America boosted Casino's sales, marking a turnaround for the region from previous quarters. The group posted double-digit percentage gains there in both its retail and electronics businesses. Food sales in particular were buoyant, gaining 21% on the same period last year. Excluding the currency effect, Latin America food sales still rose 13%.
Casino remains under pressure to show that it can grow sales in France where a fierce price war has depressed margins. Standard & Poor's cut Casino's debt rating to junk in March, citing the slowdown in Brazil and its debt pile. To address these concerns, Casino sold its Asian business to reduce debt and has pledged to simplify its complicated corporate structure.
The group confirmed its financial objectives for 2016, including a trading profit of more than EUR500 million in its home market of France.
-Write to Nick Kostov at [email protected]
The company, which operates supermarkets in France and abroad, reported sales of 10.43 billion euros ($11.49 billion) for the three months to Sept. 30, up 6.7% from the same period last year.
Casino said its business in France posted a fall as it moved ahead with plans to close 282 loss-making stores and sales at its low-cost Leader Price banner declined.
However, Latin America boosted Casino's sales, marking a turnaround for the region from previous quarters. The group posted double-digit percentage gains there in both its retail and electronics businesses. Food sales in particular were buoyant, gaining 21% on the same period last year. Excluding the currency effect, Latin America food sales still rose 13%.
Casino remains under pressure to show that it can grow sales in France where a fierce price war has depressed margins. Standard & Poor's cut Casino's debt rating to junk in March, citing the slowdown in Brazil and its debt pile. To address these concerns, Casino sold its Asian business to reduce debt and has pledged to simplify its complicated corporate structure.
The group confirmed its financial objectives for 2016, including a trading profit of more than EUR500 million in its home market of France.
-Write to Nick Kostov at [email protected]
Joe Silver
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Joe Silver
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fabriziof
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