Casino reported third quarter (Q3) 2014 preliminary results for the 39 weeks, ending 30 September 2014.

Q3 2014 Milestones

  • Intensified its aggressive price-repositioning campaign in French hypermarkets and discount stores.
  • Partnered with Intermarche for joint purchasing, effective in 2015.
  • Introduced Cdiscount’s eCommerce proposition to two markets in Africa (Ivory Coast and Senegal), and set up the premises of a launch in Brazil.

Sales Performance


Group sales for the period amounted to EUR 11,967 million, up 1.6% year-on-year, fueled mainly by online and international sales. The turnaround in top line growth was shadowed by a slowdown in organic growth to 2.8%. This was mainly influenced by continued challenging conditions in France, as well as by a slowdown in international organic sales, which grew 6.1% y-o-y.

Fig1: Casino Group Organic Sales Evolution


Sales in France decreased 2.6% to EUR 5,108 million, mainly under the influence of steep declines in same-store sales (-3.9% for Geant hypermarkets and -4.6% for Casino supermarkets), despite reported increases in food volumes and traffic (up 1.5% and 1.3% y-o-y, respectively). The divergent trends are a consequence of Casino’s aggressive price-repositioning strategy in all formats which continues to build traffic at the expense of top line sales growth. Another factor impacting France was a poor contribution from touristic regions due to a poor season, as well as by decreasing prices of fruit and vegetables.

Fig2: Casino France Organic Sales Evolution

Cdiscount continued to bring its contribution to the French division as volumes grew 14.3% y-o-y, mostly due to the online store’s marketplace section.


International sales increased 5.0% y-o-y to EUR 6.859 billion with a slowdown in organic sales growth to 6.1% y-o-y. The trend was driven mainly by Latin America, as well as from a steady performance of Asian markets.

Fig3: Casino International Organic Sales Evolution


Casino’s results reveal the retailer is going through a bumpy road in following up to its 2014 objectives.

  • Rebounding to organic sales growth for France. In anticipation for the 2015 Intermarche purchasing partnership lever, Casino needs to make one final push before the end of the year if it is to further improve organic sales in France. The loss in momentum during the last quarter needs to be compensated during the last quarter and the Christmas season. While Casino has successfully managed to turn the situation around during Christmas 2013, throughout 2014 both its Proximity as well as its Monoprix divisions had a more deteriorating trend.
  • Further grow its international footprint. The reshuffling of Casino’s organizational structure is expected to help generate additional growth. The new divisions (LatAm Retail, LatAm Electronics, E-Commerce) give away the retailer’s strategic priorities as well as its capacity to adapt to the rapidly changing global retail landscape.