Regulatory News:
Casino (Paris:CO):
Sustained organic growth1 of
5%
0.9% sales organic growth in France
Continued double-digit organic growth in
International markets, up 10.6%
For the year 2011, reported sales up
18.2%
International markets now account for 48% of
Group’s sales, contributing to
an acceleration of the organic growth2: 5.7% in
2011 vs. 3.9% in 2010
Fourth Quarter 2011
Net Sales
Consolidated net sales
Q4 2010
Q4 2011
% change QoQ €m €m
Reported
Organic Continuing operations
8,304.7 9,512.2
+14.5% +5% France 4,819.9
4,908.6 +1.8% +0.9% International 3,484.8 4,603.6 +32.1% +10.6%
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 2.0% due to the depreciation
of the Brazilian, Colombian and Thai currencies against the
Euro.
Petrol had a 0.3% impact on the quarter. The calendar effect was
slightly positive (0.6%).
Organic Sales Growth
Excluding Petrol
2010 H1 2011 Q3
2011 Q4 2011 2011
Continuing operations +3.9%
+6.3% +5.7%
+4.7% +5.7% France +0.6%
+2.2% +1.2%
+0.2% +1.4% International +10.5% +12.9%
+13%
+10.5% +12.2%
The 4.7% organic sales growth excluding petrol for the fourth
quarter was in the same trend as third quarter’s performance
(5.7%).
Q4 2011
Sales
Organic growth excluding petrol of 0.2% in
France
In the fourth quarter of 2011, organic growth excluding petrol
in France 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% excluding petrol at Casino
Supermarkets. The Superettes’ sales were down 1.1%.
- Leader Price’s same-store sales3 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 the Group’s level, with
an increase in cumulative sales of 2.8% (Cdiscount and Géant
combined).
Double-digit organic growth in International
markets (up 10.5% excluding petrol)
International operations continued to enjoy strong organic
growth excluding petrol (+10.5%), despite the exceptional situation
in Thailand.
- Latin America continues 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, the floods in Thailand led to
a decline in Big C’s same-store sales that was partly offset by a
sharp rise in Vietnam same store sales. Overall, sales in Asia were
down 0.3% on a same-store basis but were up by a strong 8.3% on an
organic basis, reflecting the significant contribution of
expansion.
Reported international sales were 32.1% higher, partly 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).
2011
Sales
2011 Sales Growth
breakdown
2011 Reported Organic
Organic excluding petrol Group +18.2%
+6.3% +5.7% France +4.4% +2.6% +1.4% International +40.4% +12.2%
+12.2%
With consolidated sales up 18.2% in 2011, the Group reaches its
objective of higher than 10% annual growth. Organic growth
excluding petrol came to 5.7%, a sharp acceleration over 3.9% in
2010.
In France, the Group’s market share in food is stable over the
year, confirming the good complementarity between the various
Group’s banners4.
Thanks to Cdiscount performances, growth in Group’s non-food
sales online remained very strong.
International operations which accounted for 45% of consolidated
sales in 2011 versus 38% in 2010, continued to expand at a rapid
pace.
FRANCE: Q4 2011 SALES
Sales in France rose by 1.8% in the fourth quarter. Changes in
scope of consolidation had a positive impact of 0.9%, corresponding
accounted for 0.9% of growth, corresponding to the integration as a
whole of two Franprix-Leader Price5 franchisees over the period.
Petrol effects added 0.7%.
Organic growth excluding petrol increased by 0.2% for the
period.
Sales Growth
Evolution
€m
Q4 2010 Q4 2011 Organic
growth excluding petrol Net sales, France 4,819.9
4,908.6 +0.2% Casino France 3,213.7
3,261.1 +0.6% Géant Casino hypermarkets
1,526.1 1,522.3 -2.2% Casino supermarkets
886.3 905.3 +1.2% Superettes 347.1 343.1 -1.1% Cdiscount &
Other businesses 454.1 490.4 +8.8%
Franprix-Leader Price
1,077.8 1,106.7 -1.8% Monoprix
528.5 540.7 +2.3%
Growth in Same-store
Sales Excluding Petrol
Q4 2011 same-store growth, excluding petrol
Géant Casino hypermarkets -2.4% Casino Supermarkets -1.3% Franprix
-4.6% Leader Price -0.1% Monoprix +1.5%
Franprix-Leader Price reported sales were up 2.7% in the fourth
quarter, after the integration of two franchisees5.
Leader Price’s same-store sales were almost stable at
-0.1% in the fourth quarter, a satisfactory performance considering
the high basis of comparison, which reflects the effects of the
marketing initiatives implemented, continuing competitive pricing,
targeted promotional offers, adjustments to assortments with a
focus on core SKUs and enhanced communication. The expansion, as
well as the renovation program, continued with 6 stores opened
during the quarter and six renovated. In all, 27 stores were opened
and 67 were renovated over the year.
Leader Price’s market share was stable throughout the year in a
hard discount market down by 0.3pts.
At Franprix, total sales were up 0.5% on an organic
basis. The banner continued its expansion program: 33 stores were
opened, raising to 67 the total number of stores opened since the
beginning of the year. Same-store sales were down 4.6%, in line
with prior quarters and due to Sunday afternoon closing and
increased competition.
Same-store sales at Monoprix rose by 1.5% excluding petrol, led
by a good performance in food. The banner benefited from two
promotional campaigns during the period, the “9 Days” from 5 to 16
October and the “Essential Days” from 16 to 27 November.
In the non-food segment, apparel sales were affected by a less
favourable weather with higher temperatures than in the fourth
quarter of 2010.
In all, Monoprix sales rose 2.3% in the fourth quarter.
The banner opened during the period 8 Monop’, 5 Naturalia and 1
Citymarché, as well as 3 Monop’station located in railway stations.
Naturalia has also acquired 3 organic products stores called
Serpent Vert.
The banner’s market share was stable over the year.
Géant
In the fourth quarter, Géant's same-store sales excluding petrol
contracted by 2.4%, mainly due to non-food sales.
Food sales, which account for 70% of Géant’s sales, were down
1.8%. Stores and market areas were progressively renovated in a
satisfactory way.
Géant’s market share of the food market was stable over the
year.
Non-food sales were down 5.8%. Géant continued to deploy its
strategy focused notably on selecting the most attractive product
categories, and on the continued deployment of multi-channel
distribution (pick up of Cdiscount packages weighing more than 30
kg in stores and Géant coupons distributed by Cdiscount).
Furthermore, reduction in non-food selling space continued.
Cdiscount & Other businesses
In the fourth quarter, Cdiscount delivered another strong
performance (+13.8%), led by good performance in electrical
appliances, homeware and toys. The levers deployed from H2
(advertising space broker and marketplace) progressively
contributed to the growth dynamics of the site; a ramp-up is
expected for 2012.
Cdiscount confirms its role as a growth relay in non-food at the
Group level with Cdiscount and Géant combined sales, up 2.8% and
2.6% over 2011.
Moreover, according to the objectives, deployment of the
multi-channel distribution was stepped up from the third quarter.
At year-end there were more than 1,770 pick-up desks in Petit
Casino and Franprix stores for packages weighing less than 30 kg,
and 215 pick-up desks for packages over 30 kg.
Total sales from the other businesses (Cdiscount,
Mercialys, Casino Caféteria, Banque Casino) were up 8.8% on an
organic basis in the fourth quarter.
Casino Supermarkets
Casino Supermarkets’ total sales rose by 1.2% (excluding petrol)
in the fourth quarter. The contribution from expansion was
significant (2.5%). Five supermarkets were opened during the
quarter, bringing to 11 the total number of openings since the
beginning of the year. Same-store sales for the quarter were down
1.3% (excluding petrol).
The banner’s market share was stable over the year.
Superettes
Superettes sales were down 1.1% in the fourth quarter. 86 stores
were opened during the period and the Casino Shopping concept
continued to be deployed and enjoyed good sales momentum. After
Marseille, St. Etienne and Lyon, three more Casino Shopping stores
were opened, along with 16 Casino Shop.
One of the highlights of the fourth quarter was the signature of
a partnership agreement between La Poste and the Group for the
opening of convenience stores alongside local post offices. The
five-year agreement will enable the Group to strengthen its
presence in towns with less than 12,000 inhabitants.
INTERNATIONAL MARKETS: Q4 2011 SALES
International sales increased by 32.1%.
Changes in the scope of consolidation6 added 26.2%, while the
currency effect was a negative 4.7%.
Organic growth came to 10.6%.
International Sales
Evolution by Region – Q4 2011 vs. Q4 2010
Reported Organic growth
Same-store Latin America +33.6% +11.8% +9.8% Asia +38% +8.3%
-0.3%
In Latin America, sales were up 11.8% in the fourth
quarter on an organic basis, thanks to a very strong same-store
growth in Brazil as well as in Colombia.
- In Brazil, GPA’s same-store sales grew by 8.5%7, a
performance in line with the trend established in prior quarters.
Expansion continued, with twenty new stores opened in the fourth
quarter.
In the food segment, GPA Food sales rose 8.7%6, lifted by the
very strong performance of the cash & carry banner, Assaï,
which repositioning of its product mix was a success, and of the
supermarkets recently converted to the Extra banner. The Brazilian
version of “Black Friday", the day in the United States when
retailers offer promotional sales to kick off the Holiday shopping
season, was an outstanding success for the Extra stores. A program
to convert Extra Facil superettes into Mini Mercado Extra stores
was launched, with 19 stores converted and 5 new stores opened
during the quarter.
In the non-food segment, same-store sales by Globex8 (including
Casas Bahia since 1 November 2010) were up by 8.4%6. The e-commerce
business (Nova Pontocom) continued their strong dynamism, with
sales up 31.5%6 thanks to the boost provided by the Black Friday
campaign too.
- In Colombia, Exito continued to enjoy robust growth9,
thanks mainly to strong performances by the Surtimax cash &
carry stores. The “Special Prices Days” campaign was a success.
According to the objectives, expansion focused on the convenience
and discount formats, with 13 Surtimax and 9 Exito Express stores
opened during the quarter, in line with objectives. 2 hypermarkets
and 3 supermarkets were also opened during the period. Exito
integrated for the first time its operations in Uruguay (Disco and
Devoto).
In Asia, organic growth came to 8.3% in the fourth
quarter, representing a very good performance in light of the
exceptional situation in Thailand, which weighted on same-store
growth in the region (-0.3%).
- In Thailand, Big C’s same-store sales10 were
impacted by the floods that hit the country from October. As of
today, all the hypermarkets have been re-opened. Only 2 Mini Big C
were still in a re-opening process, which should be finalized in
February. Acceleration of the Big C expansion pace, with 17 stores
opened in the fourth quarter including 2 hypermarkets and shopping
centres, made a significant contribution to the company’s organic
sales growth.
Total sales in Thailand were sharply higher due to the
integration of the Carrefour stores acquired at the beginning of
the year.
- In Vietnam, the fourth quarter was characterized
by a remarkable gear in expansion, opening 4 hypermarkets and
shopping centres and 1 convenience store. As of end December,
Vietnam had 18 hypermarkets and the same number of shopping
centres. Sales growth’s pace remained very high, with the stores
opened last year gradually reaching their full potential.
Same-store sales in the Indian Ocean were up 1.4% and up
2.4% on an organic basis.
*
* *
Next Casino Group’s communication:
2011 Results, on 28 February, before the
stock market opens
Disclaimer
This press release has been prepared for informational purposes
only and should not be construed as a solicitation or an offer to
buy or sell securities or related financial instruments. Similarly,
it does not and should not be treated as giving investment advice.
It has no connection with the investment objectives, financial
situation or needs of any receiver. No representation or warranty,
express or implied, is provided in relation to the accuracy,
completeness or reliability of the information contained in this
document. It should not be regarded by recipients as a substitute
for the exercise of their own judgments. All opinions expressed
herein are subject to change without notice.
APPENDICES
Main changes in the scope of
consolidation
- Consolidation of Casas Bahia by GPA,
from 1 November 2010.
- Consolidation of Carrefour Thailand’s
operations by Big C, from 7 January 2011.
- Full consolidation of 3 franchisees by
Franprix-Leader Price from 1 February 2011.
- Deconsolidation of 1 franchisee by
Franprix-Leader Price effective 1 September 2011.
- Increase in the percentage held in GPA
at 43.1% as of 30 September 2011 (vs. 33.7% as of 30 September
2010).
Fourth quarter % change
12 months % change 2010
€m
2011
€m
As reported At constant exchange rates
2010
€m
2011
€m
As reported At constant exchange rates
FRANCE 4,819.9 4,908.6 +1.8%
+1.8% 17,956.1 18,747.7 +4.4%
+4.4% Of which:
Franprix – Leader Price
1,077.8 1,106.7 +2.7% +2.7%
4,025.8 4,410.0 +9.5% +9.5%
Monoprix 528.5 540.7 +2.3% +2.3%
1,914.3 1,973.0 +3.1% +3.1% Casino
France 3,213.7 3,261.1 +1.5% +1.5% 12,016.0 12,364.8 +2.9%
+2.9%
Géant Casino HM 1,526.1 1,522.3 -0.3% -0.3% 5,515.6
5,622.8 +1.9% +1.9% Casino SM 886.3 905.3 +2.1% +2.1% 3,490.1
3,618.8 +3.7% +3.7% Superettes 347.1 343.1 -1.1% -1.1% 1,494.4
1,485.2 -0.6% -0.6% Other businesses 454.1 490.4 +8% +8% 1,515.9
1,638.0 +8.1% +8.1%
INTERNATIONAL 3,484.8
4,603.6 +32.1% +36.8% 11,122.2
15,613.1 +40.4% +41.7% Of which:
Latin
America 2,692.2 3,596.7 +33.6%
+38.9% 8,245.3 11,826.3 +43.4%
+44.5% Asia 547.6 755.8 +38%
+41.8% 2,009.3 2,895.2 +44.1%
+47.4% Other businesses 245.0 251.1
+2.5% +2.4% 867.6 891.6 +2.8%
+2.7%
Sales from continuing
operations
8,304.7 9,512.2 +14.5% +16.5%
29,078.3 34,360.8 +18.2% +18.7%
Average exchange rates 9 months 2010
9 months 2011 % chge 12 months
2010 12 months 2011 % chge
Argentina (ARS/EUR) 0.195 0.174 -10.9% 0.193 0.174 -9.7% Uruguay
(UYP/EUR) 0.038 0.037 -1.6% 0.038 0.037 -0.8% Thailand (THB/EUR)
0.024 0.023 -0.3% 0.024 0.024 -0.8% Vietnam (VND/EUR) (x 1000)
0.041 0.035 -15.1% 0.041 0.035 -13.4% Colombia (COP/EUR) (x 1000)
0.397 0.390 -1.8% 0.397 0.389 -1.9% Brazil (BRL/EUR) 0.427 0.436
+2.2% 0.428 0.430 +0.4%
Store Network
France 31 Dec 10 30 Sept 11
31 Dec 11 Géant Casino hypermarkets 125
127 127 Of which French Affiliates 6
8 8 International Affiliates 5 5
5 French Franchises 2 + service
stations 99 101 101 Casino
Supermarkets 405 414 422 Of which
French Franchise/Affiliates 54 49 51
International Affiliates/Franchises 27 32
32 + service stations 160 166
170 Franprix Supermarkets 870 882
897 Of which Franchise outlets 515 373
379 Monoprix supermarkets 494 497
514 Of which Naturalia 49 50 55
Of which Franchise outlets/Affiliates 131 127
130 DIS Leader Price
Of which Franchise outlets
585
294
602
247
608
271
Total Supermarkets & discount stores
Of which Franchise outlets/Store
2,354
1,021
2,395
828
2,441
863
Petit Casino superettes 1,791 1,774
1,758 Of which Franchises 29 29
29 Casino Shopping superettes 3 6
Casino Shop superettes 16 Eco Services
superettes 2 1 1 Of which
Franchises 1 SUP Spar 928 956
956 Of which Franchises 761 770
755 SUP Vival 1,767 1,810 1,752
Of which Franchises 1,766 1,809 1,750
SUP Casitalia et C* Asia 1 1 1 MAG
Franchisees 1,260 1,209 1,134 Corners,
Relay, Shell, Elf, Carmag 1,260 1,209
1,134 MAG Wholesale 926 920 937
TOTAL Convenience Stores 6,675 6,674
6,561 Of which Franchises outlets/Stores 4,744
4,738 4,606 Other Affiliate stores 20
25 26 Of which French Affiliates 17
18 18 International Affiliates 3
7 8 Other businesses 287 285
295 Cafeteria 287 285 293
Cdiscount 2 TOTAL France
9,461 9,506 9,450 Hypermarkets (HM) 125 127
127 Supermarkets (SM) 1,769 1,793 1,833 Discount (DIS) 585 602 608
Superettes and other stores 6,695 6,699 6,587 Other 287 285 295
HM : hypermarkets SM: supermarkets DIS:
discount SUP: Superettes MAG: stores DIV:
others
LGF: franchise business lease
International 31 Dec 10 30 Sept
11 31 Dec 11 ARGENTINA 23 24
24 Libertad hypermarkets 15 15
15 Other businesses 8 9 9
URUGUAY 53 53 52 Geant
hypermarkets 1 1 1 Disco
supermarkets 28 28 27 Devoto
supermarkets 24 24 24 BRAZIL
1,647 1,607 1,571 Extra hypermarkets
110 130 132 Päo de Açucar supermarkets
149 157 159 Sendas supermarkets
17 0 0 Extra Perto supermarkets
101 203 204 CompreBem supermarkets
113 0 0 Assai discount stores 57
59 59 Extra Facil / Mini Mercado Extra SM
68 67 72 Eletro, Ponto Frio
1,032 991 945 Of which Ponto Frio
506 454 401 Of which Casas Bahia
526 537 544 THAILAND 116
204 221 Big C hypermarkets 70
106 108 Big C supermarkets 2 11
12 Mini Big C supermarkets 15 42
51 Pure 29 45 50 VIETNAM
14 18 23 Big C hypermarkets 14
14 18 New Cho superettes 4
5 INDIAN OCEAN 50 53 53 Jumbo
hypermarkets 11 11 11 Score/Jumbo
supermarkets 21 22 22 Cash and Carry
supermarkets 5 5 5 Spar
supermarkets 7 8 8 Other 6
7 7 COLOMBIA 299 326 351
Éxito hypermarkets 73 76 80 Pomona,
Carulla, Éxito supermarkets 112 128 130
Surtimax discount stores 54 65 78
Éxito Express et Carulla Express SM 22 46
54 Ley and others 38 11 9
TOTAL INTERNATIONAL 2,202
2,285 2,295 Hypermarkets (HM) 294 353 365
Supermarkets (SM) 579 586 591 Discount (DIS) 111 124 137 Superettes
(SUP) 105 159 182 Other businesses 1,113 1,063 1,020
1 Organic growth corresponds to growth based on a comparable
scope of consolidation and at constant exchange rates.
2 Excluding petrol.
3 Same-store sales growth corresponds to underlying growth
excluding the effect of store openings and closures during the
period.
4 Source Kantar: cumulative at end-P13,
hypermarkets/supermarkets, FMCG and processed dairy products.
5 Refer to the appendix for details of changes in consolidation
scope.
6 Refer to the appendix for details of changes in consolidation
scope.
7 Data published by GPA – GPA will announce its 2011 results on
16 February 2012.
8 Globex includes the Ponto Frio, Casas Bahia and Nova Pontocom
(e-commerce) businesses.
9 Exito will announce its fourth quarter sales on 24 February
2012.
10 Big C will announce its fourth quarter sales on 17 February
2012.
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