Casino 2012 Sales: €42 Billion, up +22.1%, and +4% in Organic* Terms

  Casino 2012 Sales: €42 Billion, up +22.1%, and +4% in Organic* Terms

  *Q4 2012 SALES: €13 BILLION, UP +35.2%
  *2012 WAS A YEAR OF STRONG GROWTH FOR THE GROUP, PRIMARILY ABROAD.
    INTERNATIONAL ACTIVITIES ACCOUNTED FOR 63% OF GROUP SALES IN Q4

Business Wire

PARIS -- January 15, 2013

Regulatory News:

Casino (Paris:CO):

  *In the fourth quarter, strong growth in sales at €12.9 billion (+35.2%),
    driven by International subsidiaries and by sustained organic growth^* at
    3.2%

       *Internationally, very good performance (+8.5%), in line with previous
         quarters
       *In France (-2.2%), the quarter was marked by a proactive policy of
         price reductions and the ongoing decline in hypermarkets’ multimedia
         sales, offset by Cdiscount's excellent performance (+16.1%), and
         Leader Price and Monoprix's solid results.

EVOLUTION OF THE GROUP’S CONSOLIDATED NET SALES IN THE 4^TH QUARTER OF 2012
                                         
Consolidated net sales  Q4 2011  Q4 2012  Change Q4 2012/Q4 2011
                       in €m    in €m    Total growth  Organic growth*
Total continuing
                        9,512    12,856   +35.2%        +3.2%
operations
France                  4,909    4,757    -3.1%         -2.2%
International            4,604     8,098     +75.9%        +8.5%
                                                            

In the fourth quarter of 2012, the Group's consolidated sales were up +35.2%.
Organic growth^* was steady at +3.2% (+2.2% including petrol and calendar
effect).  The effect of changes in scope was +36.3%, primarily due to the full
consolidation of GPA as of 2 July 2012. Foreign-exchange rates had an impact
of -3.3%. The petrol effect was -0.3% for the quarter. Average calendar effect
was -0.6% in France and -0.7% internationally.

2012 ANNUAL SALES
                                       
Consolidated net sales  2011    2012    Change 2012/2011
                       in €m   in €m   Total growth  Organic growth^*
Total continuing
                        34,361  41,971  +22.1%        +4%
operations
France                  18,748  18,447  -1.6%         -0.8%
International            15,613   23,524   +50.7%        +9%
                                                          

_________________________

* Excluding petrol and calendar effect; organic growth is growth at constant
scope of consolidation and exchange rates

                                Q4 2012 SALES

     In France, trading was marked by price drops, Cdiscount's excellent
          performance (+16.1%) and robustness of convenience formats

In France, total household consumption was soft in the fourth quarter of 2012,
except for online sales of non-food products.

In order to better meet client expectations, several Group banners (Casino
hypermarkets and supermarkets and Franprix) dropped prices significantly for
private label and entry price products, which account for more than 40% of
sales volume. This proactive policy, funded by lower promotional activity, had
a negative impact on same-store sales in the year's final quarter.

During the fourth quarter, organic growth in France totalled -2.2% excluding
petrol and calendar effect. Overall growth was -3.1% at €4,757 million.

  *Convenience formats posted generally satisfactory growth in sales on an
    organic basis (excluding petrol and calendar effect): +1% for Monoprix,
    +0.3% for Franprix – Leader Price, due to a more efficient management of
    the store network that led to the closure of unprofitable stores;
    superettes (-0.5%) and Casino supermarkets (-1.2%) declined slightly.
  *Géant's same-store sales fell by -9.9% excluding calendar effect due to
    the combined impact of price drops, lower promotional activity and
    reductions to retail space.
  *In contrast, Cdiscount's growth was particularly steady (+16.1%),
    benefiting from its leading position in online sales of technical products
    and the rapid development of its marketplace. This performance enables to
    post a slight progression (+0.3%) in the annual cumulative non-food sales
    of Géant and Cdiscount.

  International: continued strong organic growth: +8.5% excluding petrol and
                               calendar effect

In keeping with previous quarters, international subsidiaries posted another
quarter of strong organic growth at +8.5% excluding petrol and calendar
effect. Total sales for International subsidiaries, which rose +75.9% to
€8,098 million, also benefited from the full consolidation of GPA as of 2 July
2012. The foreign-exchange effect had a negative impact of -6.8% on
international sales in the fourth quarter 2012.

  *Latin America posted strong organic growth of +7.8% excluding petrol and
    calendar effect, driven by high same-store growth in Brazil and dynamic
    expansion in Brazil and Colombia.
  *Organic growth excluding petrol and calendar effect for Asia was still
    very significant at +15.9%, up from the third quarter, due to the
    sustained pace of expansion and same-store growth that improved markedly
    compared to the third quarter.

Total International sales accounted for 63% of Group sales over the period,
compared with 48% in the fourth quarter 2011.

                     ************************************

                       FRANCE: SALES ANALYSIS - Q4 2012

Sales in France came to €4,757 million in the fourth quarter of 2012, a
decline of -2.2% in organic growth, excluding petrol and calendar effect.

Evolution in sales
                                                        
                                                             Organic
In €m                                         Total growth 
                                                             growth*
                        Q4 2011  Q4 2012  Q4 2012       Q4 2012  Q3 2012
Net sales before tax -   4,908.6  4,757.4  -3.1%         -2.2%    +0.2%
France
Casino France            3,261.1  3,095.2  -5.1%         -3.8%    +0.1%
Géant Casino             1,522.3  1,340.1  -12%          -11.7%   -7%
hypermarkets
Casino supermarkets      905.3    885.8    -2.2%         -1.2%    +3.5%
Superettes               343.1    339.2    -1.1%         -0.5%    +0.6%
Cdiscount & Other        490.4    530.1    +8.1%         +10.8%   +14.2%
businesses
Franprix – Leader Price  1,106.7  1,117.4  +1%           +0.3%    +0%
Monoprix                 540.7    544.7    +0.7%         +1%      +1.4%
                                                                     

Evolution in same-store sales, excluding petrol
                                   
                                    excluding calendar effect
                          Q4 2012  Q4 2012        Q3 2012
Géant Casino hypermarkets  -10.5%   -9.9%          -5.4%
Casino supermarkets        -7%      -6.1%          -1.7%
Franprix                   -3.3%    -2.8%          -2.6%
Leader Price               -1.5%    -0.2%          +0.1%
Monoprix                   -1.3%    -0.9%          +0.2%
                                                 

____________________

* Excluding petrol and calendar effect.

  *Casino France

Géant Casino's same-store sales fell by -9.9%^1 excluding petrol.

In a context of soft consumption for Q4 2012, same-store food sales were down
-7.6%^*. This change was due primarily to a proactive policy of prices’
reductions initiated by the banner on its private-label and entry- price
products. Price cuts were funded by reducing promotional activities.

According to the latest price data collected by consumer panels, Géant Casino
has become the least expensive food banner in France for the private-label and
entry-price products for convenience goods, fresh products and industrial
products (“PGCFI”). Géant Casino is thus positioning itself below all French
hypermarkets and supermarkets competitors.

                Week 1, 2013 independent panel price indices^1

             Private-label brands  Entry price
Géant Casino  95.1                  96.6
                                    

^1 Panel methodology: convenience goods, fresh products and industrial
products, unweighted indices including promotions, using checkout data from
5,830 stores

The banner has been continuing this price-cutting initiative for the national
brands since the end of the fourth quarter.

Same-store non-food sales declined in a backdrop of a firm reduction of
multimedia categories: surfaces, as well as assortment, number of references
and promotions were significantly reduced in 2012.

In 2013, Géant will continue to refocus on the most buoyant categories
(luggage, household linen, DIY, etc.), and to roll out Cdiscount pick-up
points in drive-through. The banner will adapt its surfaces to the evolution
of its assortment.

Excluding petrol and calendar effect, Casino Supermarket organic sales
declined -1.2% vs. Q4 2011. Like Géant, the banner readjusted the prices of
its private-label and entry-price products - funded by a sustained reduction
in promotional activities – with a negative impact on same-store sales in Q4.
The banner has kept up its strategy of excellence in fresh goods and rollout
of local products. Expansion was robust, with 3 openings during the fourth
quarter, bringing the number of stores opened in 2012 to 7.

Sales in superettes posted a -0.5% decline (excluding calendar effect). The
banner completed reworking its assortment, with emphasis on its private label.
181 stores joined the network over the quarter, bringing their total number to
422 for the year. The stores under the new Casino Shop and Shopping concepts
(11 Casino Shopping and 77 Casino Shop stores open at the end of 2012) posted
good results.

Cdiscount sales rose +16.1% because of an excellent December in which Toys and
High-Tech products performed well.

Business volume rose by 22.9% in the fourth quarter, thanks notably to the
strong growth of the marketplace, which accounted for nearly 10% of the site's
business volume at the end of December. The total number of offers posted by
the site surpassed 1 million references.

Finally, c. 10% of the site’s sales are now made via smartphones and tablets.

Cdiscount remains a key tool in the Group's multi-channel strategy, which
continued to roll out physical pick-up points within stores. At the end of
2012, there were nearly 3,000 pick-up points.

^1 Excluding calendar (-0.6% over Q4) and restated for the transfer of 4
hypermarkets to Casino Supermarkets.

  *Franprix – Leader Price

Total Franprix-Leader Price sales were up +1% despite the impact of
reorganising the store network, which entailed the closure of unprofitable
locations.

Leader Price same-store sales excluding calendar effect declined slightly by
-0.2% with footfall improving since Q3 2012. Sales initiatives begun early in
the year (assortment and pricing policy) continued to bear fruits in the
fourth quarter, with a value proposition that fits the current climate of
consumption. The selection of fresh products (renovated for fruits and
vegetables) and year-end festive products proved very successful. Renovation
of stores continued with more than half of the network switched to the new
concept. In addition, six stores were opened in the fourth quarter, bringing
the total number of openings over the whole year to 18.

Franprix sales declined by -2.6% on an organic basis excluding calendar effect
over the quarter, due to the impact of accelerated reorganisation of the store
network. The banner continued repositioning its private label pricing and
working on its assortment during the quarter. The banner opened 17 stores over
the period, bringing the number of stores opened in 2012 to 39.

Negotiations are well advanced between the Group and the German group Norma,
specialist in German hard discount stores, to take over 38 convenience stores
with high growth potential in southeast France. This acquisition will enable
Leader Price and Franprix to speed up their development in a particularly
dynamic region and place the Casino Group on a stronger footing for the most
buoyant formats in the strategic region around Lyon and the Mediterranean
coast. It will be submitted to the French Antitrust Authority and is expected
to come into force by the end of the first half of 2013.

  *Monoprix

Sales at Monoprix rose +1% on an organic basis excluding petrol and calendar.
Thanks to successful promotions and limited-edition and designer collections,
apparel sales continued to outperform the market. With regard to food, fresh
products posted satisfactory performance and same-store growth excluding
calendar effect was -0.9%. There was very active expansion over the fourth
quarter with 16 store openings, bringing the number of openings to 36 in 2012.

                   INTERNATIONAL: SALES ANALYSIS - Q4 2012

Consolidated sales at International subsidiaries rose substantially by +75.9%.

Scope effects had a positive impact of +74.8%, related to the full
consolidation of GPA.

Exchange rates had an unfavourable impact of -6.8%, resulting primarily from
the Brazilian real's sharp depreciation against the euro.

Once again, organic growth was very high at +8.5%^*, in keeping with previous
quarters, driven by solid performance in both Latin America and Asia.

     Evolution of International sales growth in the 4^th quarter of 2012

                                                 Same-store
              Total growth  Organic growth* 
                                                 growth^*
Latin America  +93.1%        +7.8%            +5.5%
Asia           +21.2%        +15.9%           +9.2%
                                                 

In Latin America, same-store sales grew by +5.5%, excluding petrol and
calendar effect, notably reflecting GPA's solid performance in Brazil. Organic
growth was +7.8%^*, boosted by continued rapid expansion, particularly in
Colombia. Total sales rose +93.1%, primarily under the impact of the full
consolidation of GPA.

  *GPA in Brazil

In Brazil, GPA posted same-store sales up +6.6% excluding petrol.

With respect to food, same-store sales for GPA Food were up +6.4% (+5.6%^**
gross same-store sales published by GPA) driven by strong promotional
activities, including this year's expansion of the Black Friday campaign to
supermarkets and convenience stores. They also benefited from the excellent
performance of Assaí cash & carry stores and Minimercado stores. The
Minimercado banner sped up its expansion with 30 stores opening during the
quarter. Five other stores were also opened: 1 hypermarket, 2 supermarkets and
2 Assaí stores, bringing the total number of GPA Food openings to 55 for 2012.

As for non-food, Viavarejo same-store sales continued to grow quickly at +6.9%
(+6%^** gross same-store sales published by GPA), driven by significant sales
initiatives and the extension of tax incentives on purchases of household
appliances and furnishings. They also benefited from Ponto Frio stores
repositioning and improved product assortment. Expansion continued in the
fourth quarter with the opening of 12 Casas Bahia and 4 Ponto Frio stores.

*Excluding petrol and calendar effect.
** Data published by GPA on 11 January 2013.

  *Exito in Colombia

Total sales for Exito grew strongly in the fourth quarter, under the combined
influence of positive organic growth and a favourable foreign-exchange effect.
Exito benefited from the rapid expansion of its store network, the
strengthening of private labels in its assortment, and continued development
of activities complementary to retail (notably credit and insurance).

The expansion of Exito was focused on the development of convenience and
discount stores, with 35 store openings, including 4 hypermarkets, including
one with a shopping mall, as well as 2 Carulla Express, 1 Carulla Super, 3
Exito Express and 25 Surtimax.

Exito’s Q4 earnings will be released end - January 2013.

In Asia, same-store sales growth excluding calendar effect totalled +9.2%.
Organic growth in sales excluding calendar effect maintained a high level of
+15.9%. Total sales grew +21.2%.

  *Big C Thailand

Big C posted organic sales growth excluding calendar effect of +17.5%. Big C's
same-store performance was robust at +12.4% excluding calendar effect (with a
favourable comparison basis). Significant investments in marketing and
promotions were made, with a new coupon policy being rolled out and the
extremely successful launch of the first Golden Week, modelled after Black
Friday.

The highly dynamic expansion also contributed to organic growth, with the
opening of 1 hypermarket, 1 supermarket, 36 Mini Big C and 7 Pure. 129 stores
were opened in 2012.

  *Big C Vietnam

Big C Vietnam continued its dynamic expansion policy, allowing the banner to
post positive sales growth on an organic basis. There was active expansion
with the opening of 2 hypermarkets and shopping malls and 1 C Express over the
quarter.

                     ************************************

Schedule of Financial Disclosures

Thursday 21 February (before the opening of the markets): 2012 Annual Results

                                  Disclaimer

This press release was prepared solely for informational purposes and should
not be construed as a solicitation or an offer to buy or sell any securities
or related financial instruments. Similarly, it does not and should not be
treated as giving investment advice. It has no connection with the specific
investment objectives, financial situation or needs of any receiver. No
representation or warranty, express or implied, is provided in relation to the
accuracy, completeness or reliability of the information contained in this
document. It should not be regarded by recipients as a substitute for the
exercise of their own judgement. Any opinions expressed herein are subject to
change without notice.

                                  APPENDICES

                  Main changes in the scope of consolidation

  *Change in GPA stake, fully consolidated since 2 July 2012. GPA was
    consolidated at 40.1% as of 31 December 2011
  *Full consolidation of companies owning 21 stores within the Franprix -
    Leader Price Group as of July 2012
  *Full consolidation of BARAT into Franprix - Leader Price from 8 March 2012

              Fourth quarter      Change               12 months            Change
                                                At                                          At
                2011      2012                  constant   2011       2012                  constant
                                 Reported                                Reported 
                €m        €m                    exchange   €m         €m                    exchange
                                                rates                                       rates
FRANCE         4,908.6  4,757.4   -3.1%     -3.1%     18,747.7  18,446.7  -1.6%     -1.6%
Of which:                                                                    
Casino France  3,261.1  3,095.2   -5.1%     -5.1%     12,364.8  12,158.3  -1.7%     -1.7%
Géant Casino   1,522.3  1,340.1   -12%      -12%      5,622.8   5,246.4   -6.7%     -6.7%
hypermarkets
Casino         905.3    885.8     -2.2%     -2.2%     3,618.8   3,686.7   +1.9%     +1.9%
supermarkets
Superettes     343.1    339.2     -1.1%     -1.1%     1,485.2   1,479.7   -0.4%     -0.4%
Other          490.4    530.1     +8.1%     +8.1%     1,638     1,745.6   +6.6%     +6.6%
businesses
Franprix –     1,106.7  1,117.4   +1%       +1%       4,410     4,278.6   -3%       -3%
Leader Price
Monoprix       540.7    544.7     +0.7%     +0.7%     1,973     2,009.8   +1.9%     +1.9%
INTERNATIONAL  4,603.6  8,098.3   +75.9%    +82.7%    15,613.1  23,523.9  +50.7%    +54.2%
Of which:                                                                    
Latin America  3,596.7  6,944.3   +93.1%    +103%     11,826.3  19,250.6  +62.8%    +69.1%
Asia           755.8    916.4     +21.2%    +15.6%    2,895.2   3,407.3   +17.7%    +10.8%
Other sectors  251.1    237.6     -5.4%     -5.2%     891.6     866       -2.9%     -3%
NET SALES
FROM           9,512.2  12,855.7  +35.2%    +38.4%    34,360.8  41,970.7  +22.1%    +23.7%
CONTINUING
OPERATIONS
                                                                                   

If Casino group had become sole controlling shareholder of GPA on 1 January
2012 (full consolidation at 100% of GPA from this date), Latin American total
sales under the period ended on 31 December 2012 would have been €24,994
million, bringing total Group sales to €47,712 million.

                                Exchange rates

Average exchange    9-month  9-month  Change  12-month  12-month  Change
rates                2011      2012               2011       2012
Argentina (ARS /    0.174    0.175    +0.5%   0.174     0.171     -1.8%
EUR)
Uruguay (UYP /      0.037    0.038    +2.5%   0.037     0.038     +3.1%
EUR)
Thailand (THB /     0.023    0.025    +6.6%   0.024     0.025     +6.2%
EUR)
Vietnam (VND /      0.035    0.038    +7.5%   0.035     0.037     +6.5%
EUR) (x1,000)
Colombia (COP /     0.390    0.435    +11.4%  0.389     0.433     +11.1%
EUR) (x1,000)
Brazil (BRL / EUR)  0.436    0.407    -6.6%   0.430     0.399     -7.3%
                                                                 

 Organic growth: the organic growth is at constant scope of consolidation and
                               exchange rates.

                       PERIOD-END STORE NETWORK: FRANCE

FRANCE                                      31 Dec. 2011  30 Sept.  31 Dec.
                                                            2012       2012
Géant Casino hypermarkets                   127           125       125
Of which French Affiliates                   8              9          9
International Affiliates                     5              6          6
+ service stations                          101           97        97
Casino supermarkets                          422            439        445
Of which French Affiliates                   51             55         58
International Franchise Affiliates           32             39         41
+ service stations                          170           172       173
Franprix supermarkets                        897            894        891
Of which Franchise outlets                  379           387       390
Monoprix supermarkets                        514            527        542
Of which Naturalia                           55             61         71
Of which Franchise outlets/Affiliates       130           133       137
Leader Price discount stores                 608            601        604
Of which Franchise outlets                  271           238       231
Total supermarkets and discount stores       2,441          2,461      2,482
Of which Franchise outlets/Stores operated  863           852       857
under business leases
Petit Casino superettes                      1,758          1,657      1,575
Of which Franchise outlets                  29            26        26
Casino Shopping superettes                  6             10        11
Casino Shop superettes                      16            29        77
Eco Services superettes                     1             1         1
Coop Alsace superettes                                      48         144
Of which Franchise outlets                               48        144
Spar superettes                              956            969        963
Of which Franchise outlets                  755           747       739
Vival superettes                             1,752          1,699      1,705
Of which Franchise outlets                  1,750         1,698     1,704
Casitalia and C’Asia superettes             1             1         1
Other Franchise stores                       1,134          1,104      1,105
Corner, Relay, Shell, Elf, Carmag           1,134         1,104     1,105
Wholesale activity                          937           935       935
TOTAL CONVENIENCE STORES                     6,561          6,453      6,517
Of which Franchise outlets/Stores operated  4,606         4,559     4,654
under business leases/Wholesale
Other Affiliate stores                       26             29         29
Of which French Affiliates                   18             19         20
International Affiliates                    8             10        9
Other businesses                             295            308        304
Cafeterias                                   293            306        302
Cdiscount                                   2             2         2
TOTAL France                                9,450         9,376     9,457
Hypermarkets (HM)                           127           125       125
Supermarkets (SM)                           1,833         1,860     1,878
Discount (DIS)                              608           601       604
Superettes (SUP) and other stores (MAG)     6,587         6,482     6,546
Other (DIV)                                 295           308       304
                                                                       

PERIOD-END STORE NETWORK: INTERNATIONAL
                                                              
International                     31 Dec. 2011  30 Sept. 2012  31 Dec. 2012
ARGENTINA                          24             23              24
Libertad hypermarkets              15             15              15
Other businesses                  9             8              9
URUGUAY                            52             52              52
Géant hypermarkets                 1              1               1
Disco supermarkets                 27             27              27
Devoto supermarkets               24            24             24
BRAZIL                             1,571          1,589           1,640
Extra hypermarkets                 132            137             138
Pao de Açucar supermarkets         159            160             162
Extra Perto supermarkets           204            207             207
Assai discount stores              59             59              61
Extra Facil and Minimercado        72             77              107
Extra superettes
Casas Bahia discount stores        544            556             568
Ponto Frio                        401           393            397
THAILAND                           221            304             348
Big C hypermarkets                 108            112             113
Big C supermarkets                 12             18              18
Mini Big C superettes              51             90              126
Pure                              50            84             91
VIETNAM                            23             30              33
Big C hypermarkets                 18             19              21
New Cho superettes                 5              7               7
C Express superettes              0             4              5
INDIAN OCEAN                       53             53              57
Jumbo hypermarkets                 11             11              11
Score/Jumbo supermarkets           22             22              25
Cash and Carry supermarkets        5              5               5
Spar supermarkets                  8              7               6
Other businesses                  7             8              10
COLOMBIA                           351            395             427
Exito hypermarkets                 80             85              87
Pomona, Carulla, Exito             130            134             136
supermarkets
Surtimax discount stores           78             94              119
Exito Express and Carulla          54             74              77
Express superettes
Ley and others                     9              8               8
                                                            
TOTAL INTERNATIONAL               2,295         2,446          2,581
Hypermarkets (HM)                 365           380            386
Supermarkets (SM)                 591           604            610
Discount (DIS)                    137           153            180
Superettes (SUP)                  182           252            323
Other (DIV)                       1,020         1,057          1,082
                                                                  

Contact:

ANALYST AND INVESTOR CONTACTS
Régine GAGGIOLI – Tel:  +33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr
or
+33 (0)1 53 65 64 18
IR_Casino@groupe-casino.fr
or
GROUP EXTERNAL COMMUNICATION DEPARTMENT
PRESS CONTACT
Aziza BOUSTER
Tel: +33 (0)1 53 65 24 78
Mob: +33 (0)6 08 54 28 75
abouster@groupe-casino.fr