Casino Revenue Advances at Fastest Pace in Two Years on Brazil
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Casino Guichard-Perrachon SA, the French grocery retailer targeted by short seller Carson Block, reported second-quarter revenue that beat analysts’ estimates as Brazilian shoppers switched to its cheaper Assai cash & carry stores.
Sales totaled 9.97 billion euros ($11 billion), rising 3.8 percent on an organic basis, the fastest pace in two years, Saint-Etienne-based Casino said Wednesday in a statement. Analysts predicted 9.83 billion euros. The stock gained 1.5 percent in early Paris trading.