Casino Falls in Paris as French Sales Decline on Price Cuts
Casino Guichard-Perrachon SA (CO), the owner of France’s Monoprix and Geant supermarket chains, fell in Paris trading after saying first-quarter organic sales in its home market slid 3.4 percent because of price cuts.
The decrease was led by a 12 percent drop in revenue at Geant Casino hypermarkets, excluding gasoline and calendar effects, the St. Etienne, France-based retailer said yesterday after markets closed. French shoppers are cautious about prices and want to strictly monitor their budgets, Finance Director Antoine Giscard D’Estaing said on a conference call.
The shares fell as much as 2.8 percent to 78.06 euros and were trading at 79 euros as of 9:34 a.m. local time.
Revenue from continuing operations climbed 34 percent to 11.7 billion euros ($15.5 billion), led by Latin America after the consolidation of Brazil’s Cia Brasileira de Distribuicao Grupo Pao de Acucar. Analysts predicted 11.5 billion euros, according to the average of 10 estimates compiled by Bloomberg.
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