PARIS (Reuters) – French food retailer Casino on Thursday posted lower third quarter sales, weighed down by its ongoing restructuring, which includes the sales or closures of unprofitable stores.
Sales for the three months to September 30 fell 1.8% to 2.067 billion euros ($2.24 billion) on a same-store basis after falling 3.1% in the second quarter. On a reported basis, sales fell 5.1% in the quarter.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the nine months slumped 24% to 402 million euros.
France’s seventh-largest supermarket group by market share was brought to the verge of default last year after years of debt-fuelled acquisitions and a declining market share.
Now owned by Czech billionaire Daniel Kretinsky, Casino has been attempting a turnaround through job cuts, disposals of large loss-making stores and a refocus on convenience stores such as Monoprix and Franprix.
The new management will unveil on Nov. 14 its strategy to revive the group’s operational and financial fortunes.
($1 = 0.9210 euros)
(Reporting by Dominique Vidalon)
