French Retailer Casino 2020 Operating Profits Rise

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French retailer Casino on Thursday vowed to boost its profitability and cash flow further this year and push on with its asset disposal plan to reduce debts.

Casino achieved a 2020 group operating profit of 1.426 billion euros 1.74 billion, up 25.2 at constant exchange rates, helped by cost savings and higher sales in France and Brazil, its secondlargest market.

Sales rose 8 on a same store basis to 31.9 billion euros.

Food retailers across the world have benefited from the demand generated by the COVID19 lockdowns, which have forced consumers to stay at home. This has strongly benefited Casinos convenience stores in city centers and its Ecommerce business.

The group has so far sold 2.8 billion euros of assets, including several hundred discount Leader Price stores to German rival Aldi.

Casino said that in view of the successful development of its broad portfolio of activities in France, it had a greater flexibility in implementing its disposal plan, for which it confirmed its target of 4.5 billion euros.

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Reporting by Dominique Vidalon; Editing by Sudip KarGupta

Source Reuters

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