Casino hit by currency fluctuations – Food Retailing – Groupe Casino

Casino hit by currency fluctuations – Food Retailing – Groupe Casino – Brief Article

French supermarket chain Casino reported a 2.1% increase in its third quarter revenue to a value of 5.56bn [euro]. That figured however was marred by a negative impact of 6.5% from foreign currency fluctuations, a factor from which its compatriot and rival Carrefour also suffered.

Sales grew by 6% and 7.2% in the third quarter and nine month periods respectively on a like-for-like basis. In its domestic French market, both its Geant and Leader Price formats posted strong sales increases. Internationally, sales were also up, rising by 15.6% at constant exchange rates, but falling by 11.1% after currency impacts. International sales represent around 21.4% of Casino’s group sales.

The Latin American region was the main cause for concern. As with many European firms operating there, the unstable economic conditions dented performance. Casino reported a 60% decline in revenue for that region, falling from 324.5m [euro] to 130.2m [euro].

Casino Q3 net consolidated sales (m [euro])

Q3 2002 Q3 2001 %+/-

France 4 372.2 4 110.1 +6.4

International 1 188.1 1 336.8 -11.1

USA 490.5 531.0 -7.6

Poland 191.7 191.4 +0.2

Latin America 130.2 324.5 -59.9

Argentina 42.1 160.0 -73.7

Uruguay 24.3 51.7 -53.0

Venezuela 63.8 112.8 -43.4

Asia 311.5 289.9 +7.5

Thailand 244.4 225.9 +8.2

Taiwan 67.1 64.0 +4.8

Indian Ocean 64.2 n/a n/a

Brazil * 699.7 810.7 -13.7

Colombia * 281.7 351.6 -19.9

Source: Casino

Note: * Non consolidated net sales

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