Casino Group Reports Weak Q3 Sales In France

(RTTNews) - French retail company Casino Group (0HB1.L, CGUIY.PK) reported Thursday that total sales in France were down 8.3 percent on a reported basis and down 8.2 percent on a like-for-like basis.

In France Retail, sales for the quarter came to 3.40 billion euros, down 6.5 percent on a reported basis, and down 5.6 percent on a same-store basis.

France EBITDA was 136 million euros, down from last year, impacted by price-cutting measures.

Looking ahead for fiscal 2023, the company now estimates EBITDA after lease payments will be lower than the level achieved over the 12-month rolling period to end-September 2023, i.e., 100 million euros.

The company previously expected EBITDA after lease payments to be 214 million euros.

The company attributed the revision to the price investments required to continue driving the recovery in customer traffic and volumes in hypermarkets and supermarkets in an increasingly competitive environment.