Casino Group publishes on July 30, 2024 its first-half 2024 results.
Net sales at €4.2bn in H1 2024 (-3.5%), of which €2.1bn in Q2 (-3.1%)
- Convenience brands: €3.7bn in H1 (-0.3%), of which €1.8bn in Q2 (-0.5%)
- Cdiscount: €468m (-18.9%), of which €226m in Q2 (-16.5%)
Adjusted EBITDA at €255m (-24%), reflecting a margin of 6.1%
Net profit from continuing operations, Group share of €2.5bn (-€918m in H1 2023), including €3.5bn in non-recurring financial income reflecting the financial
restructuring and -€449m in asset impairment losses.
Free cash flow before financial expenses2 of -€413m in H1 2024 (-€735m in H1 2023)
after payment of social security and tax liabilities placed under moratorium in 2023
(-€153m).
Net debt of €1.0bn at 30 June 2024 (€1.6bn at 31 March 2024).
Actions undertaken within the Group
Despite financial results which remain impacted by a damaging legacy and the context of restructuring, the transformation of the New Casino remains underway.
Since the beginning of April, the new executive management team has been analysing the situation, and restructuring projects have been undertakern:
- Streamlining of the store network: closures, conversions to franchises and rational expansion
- Sale of hypermarkets and supermarkets, the main source of the Group’s historic losses
- Reorganisation of the Group’s head offices and logistics at Distribution Casino France
- Agreement to sell Codim (18 stores in Corsica)
Furthermore, first commercial transformations have been initiated
- Supply partnerships signed with the Sherpa store network and TotalEnergies service station network
- Launch of Franprix’s new commercial concept; three pilot stores
- Overhaul of Monoprix’s Carte M’ loyalty programme
- Cdiscount’s new brand platform
Led by the new management team, the financial, commercial and operational
review pavesthe way for the Group’s economic and social value creation plan aimed at returning to profitable responsible growth. The plan will be presented after publication of the Q3 2024 result.
"As we present these results and the measures we have already implemented, I would like to reiterate that our priority remains the future of all the Group’s employees and following through on our commitments. Since the beginning of April, the new executive management team has been analysing the situation and developing a plan to create economic and social value. Alongside this work, which will deliver medium- and long-term results, I would like to highlight the commitment of our teams, who have already launched a number of transformation initiatives. […] Franchisees are central to the Group’s project; their success is our success. We strive to embody the very best in convenience retailing.”
To listen the replay of the conference call:
