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Sales of €48.5bn, up +4.7% on an organic basis


Casino : Full year results 2014
Sales of €48.5bn, up +4.7% on an organic basis
In France:
End of the pricing repositioning cycle of discount banners (Géant and Leader Price)
Satisfactory development of premium and convenience-store banners
Internationally: sustained organic growth of the retailing business (+6.8%)
E-commerce: strong growth of Cnova (Gross Merchandise Volume up +26.6%)
Trading profit of €2,231m, up +5.6% on an organic basis
In France: impact of price investments primarily at Leader Price
Internationally: sharp rise in profitability driven by operational efficiency plans
Net underlying Profit, Group share of €556m (-3.9% at CER) affected by decided price cuts in France
Free Cash Flow(1) of €846m, up +6.2% at CER, with an improvement of Cash flow(2) (+9.1% at CER) and well managed Capex
Net financial debt/EBITDA ratio of 1.8x
Dividend recommended at the Annual General Meeting on 12 May 2015: 3.12€ per share, unchanged compared to the previous year
The Board of Directors met on 16 February 2015 to approve the consolidated financial statements for 2014. The statutory auditors have completed their audit of the statements and are in the process of issuing their report.

Jean-Charles Naouri, Chairman and Chief Executive Officer of Casino Group stated:

“In 2014, the price cuts decided in France allowed a repositioning of the Group’s discount banners. This process of pricing readjustment is now complete. Traffic and volumes have been positive since the 4th quarter, confirming the relevance of our sales strategy. Internationally, food banners had an excellent year. Cnova is the 6th largest listed worldwide player in E-commerce. For 2015, the Group is confident about its development outlook.”

As exchange rates have negatively impacted the translation into euros of international subsidiaries’ results, activities and operating results’ analysis are presented below on an organic basis (i.e. at constant scope and exchange rates).

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