By Inti Landauro
PARIS--French retailer Groupe Casino (CO.FR) Tuesday said weak
currencies in Latin America and in Asia hit its business despite
rising sales in its home country.
The company said its net profit dipped in the first half to 176
million euros ($236 million) from EUR193 million as overall sales
fell 2.2% to EUR23.25 billion during the period. Excluding the
effects of currency swings and asset sales and acquisitions,
Casino's sales revenue rose 6%, the company said in a
statement.
The company said its sales in France recorded a "gradual
improvement" during the period, most notably at its large Geant
supermarket stores. Excluding the negative currency effect, sales
abroad rose 11%, thanks mainly to Brazil, the company said.
As a result, the company reiterated its 2014 targets for organic
growth in France and strong organic growth abroad.
Casino also said sales at its e-commerce units rose 29% during
the first half. The business contributed EUR7 million to Casino's
earnings before interest, taxes, depreciation and amortizations.
The retailer earlier this year launched a process to spin off its
e-commerce unit through an initial public offering.
Write to Inti Landauro at inti.landauro@wsj.com
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