Regulatory News:

Rallye Group (Paris:RAL)consolidated net sales by business segment

Consolidated net sales (€m)   Q4 2011   Change QoQ   2011   Change YoY Casino 9,512 +14.5% 34,361 +18.2% Groupe GO Sport 171 -6.0% 680 -0.4% Other* 3   16   Total Rallye Group 9,686 +14.1% 35,058 +17.7%

* Relative to holding activity and investment portfolio

During the fourth quarter of 2011, Rallye’s consolidated net sales reached €9.7bn, up 14.1% compared to the fourth quarter of 2010.

Rallye’s consolidated net sales for year 2011 amounted to €35.1bn, up 17.7% compared to 2010.

Casino: Strong growth in fourth-quarter 2011 sales: 14.5%. Sustained organic growth1 of 5%, mainly driven by continued double-digit organic growth in International markets (up 10.6%). For the year 2011, reported sales up 18.2% with an acceleration of the organic growth excluding petrol: +5.7% in 2011 vs. +3.9% in 2010

Casino’s consolidated sales rose by a reported 14.5% in the fourth quarter of 2011. Changes in the scope of consolidation had a positive impact of 11.6%, mainly reflecting the external growth in Thailand, Casino’s increased stake in GPA and the consolidation of Casas Bahia by GPA. The currency effect was a negative 2%, petrol had a 0.3% impact on the quarter, while the calendar effect was slightly positive (0.6%). The 4.7% organic sales growth excluding petrol for the fourth quarter was in the same trend as third quarter’s performance (5.7%).

In France in the fourth quarter of 2011, organic growth excluding petrol came to 0.2%. The convenience formats enjoyed solid total sales growth, with sales up 2.3% at Monoprix, 0.5% at Franprix (on an organic basis) and 1.2% at Casino Supermarkets (excluding petrol). The Superettes’ sales were down 1.1%. Leader Price’s same-store sales were almost stable (- 0.1%), representing a satisfactory performance given the high basis of comparison (+5.6% in the fourth quarter of 2010). Géant’s same-store sales were down 2.4% excluding petrol, of which -1.8% in food and -5.8% in non-food. Cdiscount continued to maintain a high growth level (+13.8%). The French e-commerce leader hence confirms its growth relay role in non-food sales at Casino’s level, with an increase in cumulative sales of 2.8% (Cdiscount and Géant combined).

International operations continued to enjoy strong organic growth excluding petrol (+10.5%), despite the exceptional situation in Thailand. Latin America continued to post very solid growth (11.7% on an organic basis excluding petrol), driven by a sustained progression on a same-store basis (+9.8%). In Asia, sales were down 0.3% on a same-store basis as the negative impact of the floods in Thailand was partly offset by a sharp rise in Vietnam. On an organic basis, sales in Asia were up by a strong 8.3%, reflecting the significant contribution of expansion. Reported international sales were 32.1% higher, mainly as a result of changes in the scope of consolidation, and accounted for 48% of the consolidated total in the fourth quarter (versus 42% in Q4 2010).

Groupe GO Sport: Same-store sales rose by 0.4% over the course of 2011, despite a disappointing fourth quarter performance for winter goods both in France and Poland. Courir once again demonstrated its renewed sales dynamic

Groupe GO Sport sales for year 2011 amounted to €680.4m, up 0.4% on a same-store basis and at constant exchange rates.

In the fourth quarter of 2011, Groupe GO Sport consolidated net sales reached €170.9m, down 4.8% on a same-store basis. The Group mainly suffered from the disappointing performance of seasonal goods and from the difficult beginnings of the winter season for the whole market, due to particularly unfavorable weather conditions both in France and in Poland.

In France, GO Sport banner sales were down 1.7% on a same store basis compared to 2010. Q4 2011 sales were down 7.1% on a same-store basis (-7.9% for total sales). Courir confirmed its renewed sales dynamic with 2011 sales up 8.9% on a same-store basis. In Q4 2011, sales were up 7.3% on a same-store basis, demonstrating the relevance of Courir’s offer and the continued attractiveness of its remodeled stores.

GO Sport Poland sales for 2011 were down 3.1% on a same-store basis and at constant exchange rates, and down 18.3% in Q4 2011, impacted by a very mild weather in December.

Conclusion

  • With consolidated net sales up 18.2% in 2011, Casino achieved its objective and delivered an annual sales growth over 10%. In France, Casino’s food market share is stable in 2011, attesting to the fact that the Group’s banners complement each other. Additionally, the growth of non-food e-commerce remained strong. International operations represented 45% of total sales in 2011 (compared to 38% in 2010) and continued to expand at a very fast pace.
  • Groupe GO Sport, despite unfavorable market conditions in 2011, pursued its action plans for both GO Sport and Courir, based on greater offer and merchandising differentiation, a reinforced relationship with its clients and increased communication in partnership with brands.
  • In Q4 2011, Rallye’s liquidity situation has been strengthened by a lengthening of both bank debt and credit lines’ maturity.

Calendar:

Friday March 9, 2012: 2011 annual results presentation

For more information, please consult the company’s website: www.rallye.fr

Appendix: Rallye 2011/2010 consolidated net sales

(In € millions)

    2011   2010   Variation First quarter: Casino 7,850 6,609 18.8% Groupe GO Sport 158 164 -3.9% Other* 4 4 - Total first quarter 8,012 6,777 18.2%         Second quarter: Casino 8,294 6,980 18.8% Groupe GO Sport 170 147 15.9% Other* 5 6 - Total second quarter 8,469 7,133 18.7%         First semester: Casino 16,144 13,589 18.8% Groupe GO Sport 328 311 5.4% Other* 9 10 - Total first semester 16,480 13,910 18.5% Third quarter :       Casino 8,705 7,185 21.2% Groupe GO Sport 182 191 -4.6% Other* 4 2 - Total third quarter 8,891 7,377 20.5%         Fourth quarter: Casino 9,512 8,305 14.5% Groupe GO Sport 171 182 -6.0% Other* 3 3 - Total fourth quarter 9,686 8,489 14.1%   Second semester: Casino 18,217 15,489 17.6% Groupe GO Sport 353 372 -5.3% Other* 7 5 - Total second semester 18,577 15,866 17.1%   Year: Casino 34,361 29,078 18.2% Groupe GO Sport 680 683 -0.4% Other* 16 15 - Total year 35,058 29,776 17.7%

* Relative to holding activity and investment portfolio

1 Organic growth corresponds to growth based on a comparable scope of consolidation and at constant exchange rates