Casino: 2028 targets abandoned, no 2024 forecasts

(CercleFinance.com) - Casino fell sharply on the Paris Bourse on Wednesday, after abandoning its earnings targets for 2028 and refraining from setting a new outlook for 2024 due to the change of control in its shareholder base.


In view of the planned sale of its hypermarkets and supermarkets - which will be treated as discontinued operations pending their takeover by Les Mousquetaires and Auchan - the retailer believes that its forecasts for the 2023-2028 period, published last November, are now 'obsolete'.

In particular, the business plan called for Ebitda after rents of E912m in France in 2028.

For FY 2023, group Ebitda after rents fell by 38% to E341m, on sales of E9bn, down 3.7%.

Ultimately, Casino posted a net loss, group share, of E5.7bn over the past year, as a result of asset impairment, deferred taxes and financial charges.

But it was above all the 3.1 billion euros in goodwill write-downs for GPA and Grupo Exito and operating losses incurred by its hyper/supermarkets that weighed most heavily on the accounts.

After losing almost 20% shortly before 10 am, the share price limited its losses to only around 6% at 10:20 am.


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