Casino group : Sales as of 2016


                                              

SALES AS OF 2016

  • Full-year 2016 sales up +5.7% on an organic basis; in France, gross food sales under banners(1) up +2.2% annually and market share up +0.1pt(2)
  • In Q4 2016, acceleration in same-store growth in France and continued excellent performance in Latin America
     
  • Full-year 2016 sales totalled €36 billion, for organic growth of +5.7%
  • In Q4 2016, sales totalled €10 billion, with reported growth of +9.1% and  +5.1% on an organic basis sustained by a good same-store growth
    • In France: growth resumed in same-store sales, up +0.2% versus -0.6% in Q3 2016 
  • Sustained organic growth at Supermarchés Casino (+5.2%) and Monoprix (+2.5%) in Q4 2016; acceleration in same-store growth of Supermarchés Casino and Monoprix at +3.2% and +0.4% respectively (versus +2.8% and -2.3% in Q3 2016)  
  • Acceleration in food same-store growth sales at Géant Casino(3) (+2.6% versus +1.8% in Q3 2016) and sharp improvement in sales at Leader Price, with same-store growth of +0.1% versus a decrease of -2.7% in Q3 2016
  • In Latin America(4): sales up +12.3% on an organic basis and +7.5% on a same-store basis, driven by growth in both Brazil and Colombia
  • Exito (excluding Brazil): good organic and same-store performance
  • GPA Food: strong increase in same-store sales at +7.9% driven by growth resumption at Multivarejo and a very good performance at Assaí
  • E-commerce(4): GMV up +11.3% and sales up +7.8% on same-store basis
  • Full-year 2016 trading profit in France (estimated and unaudited) is slightly over €500 million
BY SECTOR Q4 2016/Q4 2015 change Full-year 2016/Full-year 2015 change  
Sales in €m Q4
2016
Total
  growth
Organic
 growth
Same-store growth   2016 Total
  growth
Organic
 growth
Same-store growth  
France Retail 4,915 -0.5% -0.6% +0.2% 18,939 +0.3% +0.8% +0.3%  
Latam Retail 4,539 +22.5% +12.3% +7.5% 15,247 +3.6% +11.4% +6.6%  
E-commerce 584 +5.9% +5.9% +7.8% 1,843 +7.9% +8.8% +9.5%  
TOTAL GROUP 10,039 +9.1% +5.1% +4.2% 36,030 +2.0% +5.7% +3.8%  

Following the year-end decision to sell Via Varejo and in accordance with IFRS 5, Via Varejo has been reclassified under discontinued operations and is no longer included in the Group's consolidated sales in 2016. Detailed impacts are presented in the appendices to this press release.

NB: Organic and same-store changes exclude fuel and calendar effects
(1) Total sales by each banner from integrated stores and franchises and excluding fuel 
(2) P13: cumulative, year-to-date
(3) Excluding Codim's operations in Corsica (4 hypermarkets)
(4) Via Varejo and Nova are reclassified under discontinued operations and are not included in the Group total in Q4 2016

        
Q4 TRADING

         


  • France Retail
  Q3 2016/Q3 2015 change   Q4 2016/Q4 2015 change  
BY BANNER Q3 2016 Total growth Organic growth Same-store growth Same-store growth
 over 2 years
Q4
2016
Total growth Organic growth Same-store growth Same-store growth
over 2 years
Hypermarkets 1,233 -0.4% +0.4% +0.2% +3.7% 1,254 -0.3% +0.7% +0.7% +3.5%
  o/w Géant Casino 1,147 -0.6% +0.3% +0.3% +4.2% 1,182 -0.4% +0.6% +0.6% +3.6%
Leader Price 597 -7.6% -4.6% -2.7% -0.5% 655 -2.6% -5.9% +0.1% +3.1%
Monoprix 971 +1.1% +0.8% -2.3% -0.2% 1,154 +2.4% +2.5% +0.4% +0.5%
Supermarchés Casino 903 +3.3% +4.5% +2.8% +3.5% 829 +4.1% +5.2% +3.2% +3.2%
Franprix 370 -6.5% -1.9% -0.1% +0.5% 402 -5.1% -4.5% -1.7% -1.6%
Convenience
& Other(1)
686 -1.7% -2.1% -3.9% +0.5% 621 -6.5% -6.9% -4.8% -2.5%
  o/w Convenience 417 -0.6% -0.9% -2.3% +6.0% 313 -6.4% -6.3% -6.1% -0.4%
FRANCE RETAIL 4,760 -1.1% +0.0% -0.6% +1.8% 4,915 -0.5% -0.6% +0.2% +1.6%

In France, sales totalled €4,915 million in Q4 2016, representing an increase of +0.2% on a same-store basis and a decrease of -0.6% on an organic basis. Organic sales were impacted by the transfer of stores to franchise and the rationalisation of the store network. During the quarter, gross food sales under banners(2) rose by +1.6%, excluding the calendar effect. Over the full year, the increase came to +2.2%.

   ·       At Géant Casino, sales were up +0.6% on a same-store basis, an improvement compared with Q3 2016. Food sales enjoyed a good performance over the quarter, increasing by +2.6% on a same-store basis versus +1.8% in Q3 2016. The strategy to reduce non-food retail space continued, with a focus on categories facing competition from e-commerce, notably white and brown goods. As a result of this rationalisation, the hypermarkets' total retail space decreased by -1.6% inducing a lift in total sales/sqm by +2.2%. Traffic and total volumes were positive. The banner continued to gain market share: +0.1pt over the last Kantar P13 period.

   ·       Leader Price's reported sales were notably impacted in Q4 by the closure of 45 integrated stores and transfers to franchise during the year. The change in sales improved significantly on a comparable basis from -2.7% in Q3 2016 to +0.1% in Q4 2016.

   ·       The change in same-store sales at Monoprix improved sharply in Q4 at +0.4% vs -2.3% in Q3 2016. As well, organic growth improved to +2.5% compared with +0.8% in Q3. In non-food, apparel sales rose by +5.5% on a same-store basis in Q4. In food, sales were up +2.4% on an organic basis, thanks to a significant improvement on a same-store basis. The banner's expansion was dynamic, with 14 new stores opened during the quarter and 60 over the full year(3).

   ·       Same-store sales at Supermarchés Casino have continued to accelerate since the beginning of the year, rising by +3.2% in Q4. This very good performance reflects increase in the average basket and in customer traffic, driven in particular by fresh products, strong commercial momentum and improved customer service. Market share widened by +0.1 pt over the last Kantar P13 period.

   ·       At Franprix, same-store sales declined by -1.7%. Customer traffic was up +0.4% (+0.6% in Paris). Over the past 12 months, total growth has been impacted by the transfer of 50 stores to franchises, the closing of 30 stores and by renovations to the new Mandarine concept, which represented 60% of the store base at year-end.

   ·       Convenience continued to upgrade the offering of its integrated stores and to further develop franchise. Franchise sales were up +6.5%.

 (1) Others: mainly Vindémia and cafeterias
 (2) Total sales by each banner from integrated stores and franchises and excluding fuel 
(3) Including international affiliates and French overseas departments and territories

 

 


  • Latam Retail
                             

       Food sales in Latin America continued to rise, gaining +12.3% on an organic basis and +7.5% on a same-store basis. Factoring in the favourable currency effect, the increase came to +22.5%.

   ·       Exito (excluding the effect of consolidating GPA's sales) continued to show robust sales growth in Q4 2016, thanks to solid performances in Colombia, Uruguay and Argentina that reflected strong commercial dynamics.
    
   ·       GPA Food sales in Brazil rose by +13.6% on an organic basis and +7.9% on a same-store basis in Q4 2016. Food sales increased by +14.5% on an organic basis and +8.1% on a same-store basis. Assaí continued to grow at a sustained pace and sales revitalisation measures deployed at Extra are producing very positive results, notably including sharply improved performance at the hypermarkets in Q4.

  •    Assaí's sales rose by +36.7% on an organic basis and +17.3% on a same-store basis, with high traffic growth and a sequential improvement from Q3 2016. Expansion remained dynamic with 13 new stores opened over 12 months, of which 8 in Q4 2016. Cash&carry share of sales now represents 36%, versus 30% in Q4 2015
  •    Multivarejo recorded a strong sequential improvement in sales, up +3.7% on a same-store basis and +2.9% on an organic basis during the quarter (versus +1.8% and +0.0%, respectively, in Q3 2016):
    • Food sales at Extra hypermarkets recorded a very strong progression compared with previous quarter, in food thanks to the new commercial dynamics as well as in non-food. Hypermarket non-food sales became positive again
    • Pão de Açúcar and the convenience formats kept on a good trend.

GPA provided a detailed report on its Q4 sales on 13 January 2017.

  • E-commerce

GMV amounted €943 million in Q4 with a growth of +11.3% on a same-store basis. The marketplace's share of total GMV stood at 31.4% versus 27.8% in Q4 2015. Customer traffic grew by +13.2% and orders were up +23.2%.

Same-store sales increased by +7.8%, thanks in particular to the success of Black Friday and Cyber Monday campaigns.

Cnova provided a detailed report on its Q4 sales on 12 January 2017.

E-COMMERCE (CNOVA)(1) Q4 2015 Q4 2016 Total
growth
Same-store
growth(2)
Gross merchandise volume (GMV)(3) including tax 883.5 943.2 +6.8% +11.3%
Traffic (visits in millions) 223.7 253.3 +13.2%
Active customers(4) (in millions) 7.3 8.2 +11.1% +12.9%
Units sold (in millions) 14.4 17.1 +19.1% +21.5%
Orders(5)  (in millions) 6.8 8.2 +21.1% +23.2%

(1) Data published by the subsidiary
(2) Same-store data have been adjusted for i) the sale or closure in 2016 of specialised sites Comptoir des Parfums, Comptoir Santé and MonCornerDéco, and ii) the planned reduction of B2B sales initiated in Q3 2016
(3) GMV includes sales of merchandise, other revenues and the marketplace's sales volume based on confirmed and shipped orders, including tax
(4) Active customers at 31 December who made at least one purchase on Cdiscount.com websites in the last 12 months
(5)Total number of orders placed before cancellation due to detection of fraud or the absence of customer payment

 

***

APPENDICES

Details and sales trends in Q4 2016

Organic growth corresponds to growth at constant scope of consolidation and exchange rates, excluding fuel and calendar effects, unless otherwise mentioned.

France Retail: breakdown and change in gross sales under banners in Q4 2016

ESTIMATED GROSS SALES
UNDER BANNERS (In €m)
Q4 2015 Q4 2016 Change  
Hypermarkets 1,078 1,076 -0.2%  
Leader Price 724 732 +1.1%  
Monoprix 1,159 1,185 +2.2%  
Supermarchés Casino 727 767 +5.4%  
Franprix 460 446 -3.0%  
Convenience & Other 738 704 -4.6%  
  o/w Convenience 393 376 -4.2%  
FRANCE RETAIL 4,886 4,909 +0.5%  
       

2016 sales France Retail

2016 / 2015 change  
BY BANNER 2016 Total growth Organic growth Same-store growth
Hypermarkets 4,722 +0.4% +1.8% +1.6%
  o/w Géant Casino 4,432 +0.2% +1.6% +1.6%
Leader Price 2,526 -2.0% -0.7% +0.9%
Monoprix 4,230 +2.3% +1.6% -1.1%
Supermarchés Casino 3,301 +2.7% +3.8% +1.9%
Franprix 1,586 -4.6% -3.0% -0.5%
Convenience
& Other(1)
2,575 -1.0% -1.3% -2.3%
  o/w Convenience 1,421 -0.7% -1.2% -2.4%
FRANCE RETAIL 18,939 +0.3% +0.8% +0.3%

Main changes in the scope of consolidation

  • Restatement of activity in Asia
  • Reclassification of Via Varejo and Nova under discontinued operations, not included in the Group total

         

Retrospective application of IFRS 5 to 2015 and 2016 quarterly sales

The Group's reported sales were impacted by the disposal of food retailing operations in Asia in the first half of 2016 and the process to sell Via Varejo announced by GPA in November 2016.  In accordance with IFRS 5, the sales of Via Varejo and its subsidiary Nova Brazil are recognised under discontinued operations and no longer appear in the Group's consolidated sales. Quarterly data has been restated as from Q1 2015 to reflect the retrospective application of IFRS 5.

Reconciliation of reported 2015 sales with restated 2015 sales

  Casino - Continuing Operations - Reported Sales Asia Via Varejo Nova Casino - Continuing Operations - Restated Sales
Q1 2015 11,911.3 1,049.2 1,666.1 498.3 8,697.7
Q2 2015 11,756.5 1,037.5 1,257.5 463.2 8,998.2
Q3 2015 10,684.2 918.1 977.6 371.1 8,417.4
Q4 2015 11,792.7 986.1 1,286.1 322.2 9,198.3
TOTAL 46,144.7 3,991.1 5,187.2 1,654.8 35,311.6
     

Reconciliation of reported 2016 sales with restated 2016 sales

  Casino - Continuing Operations - Reported Sales Via Varejo Nova Casino - Continuing Operations - Restated Sales
Q1 2016 9,706.8 1,089.5 268.6 8,348.6
Q2 2016 9,966.1 1,092.4 272.1 8,601.6
Q3 2016 10,425.1 1,121.9 262.2 9,041.0
Q4 2016 10,038.5     10,038.5
TOTAL 40,136.5 3,303.8 802.9 36,029.8
     

Exchange rates

Average exchange rates Q4 2015 Q4 2016 Currency effect
Argentina (EUR/ARS) 11.0779 16.6773 -33.6%
Uruguay (EUR/UYP) 32.3141 30.7338 +5.1%
Colombia (EUR/COP) (x 1000) 3.3513 3.2561 +2.9%
Brazil (EUR/BRL) 4.2138 3.5548 +18.5%

Store network at 31 December

FRANCE     30 June
2016
30 September 2016 31 December 2016
Géant Casino Hypermarkets     130 129 129
  o/w French affiliates     7 7 7
  International Affiliates     13 12 12
Supermarchés Casino     444 445 447
  o/w French Franchised Affiliates     64 69 83
  International Franchised Affiliates     32 32 33
Monoprix     732 738 745
  o/w Franchises/Affiliates     195 196 196
Naturalia     136 137 141
Naturalia franchises     5 5 5
Franprix     853 853 858
  o/w Franchises     370 375 392
Leader Price     788 796 796
  o/w Franchises     402 393 383
Total Supermarkets and Discount     2,817 2,832 2,846
Convenience     6,864 6,745 6,065
Other businesses (Cafeterias, Drive, etc.)     653 643 630
Indian Ocean     161 172 185
TOTAL France     10,625 10,521 9,855
           
INTERNATIONAL     30 June
2016
30 September 2016 31 December 2016
ARGENTINA     27 27 27
Libertad Hypermarkets     15 15 15
Mini Libertad mini-supermarkets     12 12 12
URUGUAY     69 75 79
Géant Hypermarkets     2 2 2
Disco Supermarkets     29 29 29
Devoto Supermarkets     24 24 24
Devoto Express mini-supermarkets     14 20 24
BRAZIL     1,138 1,119 1,135
Extra Hypermarkets     135 134 134
Pão de Açucar Supermarkets     184 184 185
Extra Supermarkets     194 194 194
Assaí (discount)     97 100 107
Mini Mercado Extra mini-supermarkets     297 276 284
Drugstores     155 155 155
+ Service stations     76 76 76
COLOMBIA     1,695 1,805 1,873
Exito Hypermarkets     86 85 86
Exito and Carulla Supermarkets     163 167 166
Super Inter Supermarkets     58 67 67
Surtimax (discount)     1,283 1,383 1,445
o/w "Aliados"     1,132 1,246 1,307
Exito Express and Carulla Express mini-supermarkets     104 102 109
Other supermarkets     1 1 0
TOTAL International     2,929 3,026 3,114


ANALYST AND INVESTOR CONTACTS

Régine Gaggioli - Tel: +33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr
or
+33 (0)1 53 65 24 17
IR_casino@groupe-casino.fr

PRESS CONTACT

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Tel.: +33 (0)1 53 65 24 78
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AGENCE IMAGE SEPT
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Karine Allouis - Tel: + 33 (0)6 11 59 23 26  - kallouis@image7.fr

 

Disclaimer

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


Attachments

2017-17-01 - PR - Q4 2016 Sales