Casino shows solid growth in Brazil.

  The French distributor, which is fighting to win back the confidence of the markets by selling massive assets to deleverage, reported Thursday an organic growth of 4.3% in the first quarter of the year, after a rise of 5.1% in the previous three months.

The CDiscount site posted organic growth in business volume of 9.2% thanks to the expansion of its marketplace activities, while its own sales decreased by 3.0%.

In addition, the group again posted solid growth in Brazil (+ 7.1% after + 6.9%) thanks to a return of inflation on food products.

It confirmed all of its targets set in March, namely a 10% annual growth in current operating income (Roc) in France between 2019 and 2021 and a cash generation of 500 million euros per year before interest and dividends.

Casino’s debt decreased by one billion to 2.7 billion euros in 2018, thanks to disposals, while that of Rallye reached 2.9 billion.

At the end of March 2019, the holding company had pledged approximately 82% of its 51.7% stake in Casino as collateral for its credit lines, according to experts.