Casino Group today presented its results for the first quarter of 2023. The company posted sales of €5.4 billion, up 1% like-for-like.

In the France Retail segment, first-quarter 2023 sales totaled €3,274 million, virtually stable like-for-like (-0.4%). Sales in Latin America (GPA and Grupo Éxito) grew organically by +11.4% over the quarter and by +9.5% on a like-for-like basis.

Group net financial debt stood at €5.1 bn, down by €1.3 bn since the end of 2022 and by €2.4 bn over the last 12 months.

The Group sold an 18.8% stake in Assaí for 723 ME and several assets in France, bringing the total disposal plan in France to 4.2 BnE.

Progress continues to be made on the 190 ME inventory reduction plan implemented in the first half of the year, and on the 250 ME cost savings plan for the full year.

For 2023, the Group plans to step up its local expansion plan, aiming for 1,000 new stores representing a full-year sales volume in excess of 500 ME.

In terms of debt reduction, debt reduction continues to be a priority; the 400 ME disposal plan in France before the end of 2023 continues, as does the monetization of assets in Latin America.

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