NOTE: Casino completed the sale of Big C Thailand on March 21, 2016, and the sale of its Vietnam business on April 29, 2016. Considering these events, it has restated its operations in Asia, to exclude them for the periods presented in the latest statement. Since the restated numbers were unavailable, only the year-over-year percentage changes have been listed in this report, as shown by Casino in its 2Q16 earnings press release.

2Q16 RESULTS

French retailer Groupe Casino reported a 2Q16 revenue decline of 7.0% year over year, to €9.97 billion. Organic revenue growth (growth at constant exchange rates for continuing operations, excluding fuel and calendar effects) was 3.8% during the period, while comp growth was 1.8%. The company added that its results were affected by a currency effect of (8.3)% related to the depreciation of Latin American currencies. Though operations in France showed continued year-over-year growth, the increase was only marginal, due to unfavorable weather, a decline in tourism and general social unrest in the country.

PERFORMANCE BY GEOGRAPHY

In France, total sales were up 0.1%, to €4.7 billion. Organic sales growth was 1.2%, while comps were up 0.2%. Among the group’s French banners, Monoprix performed best, with year-over-year growth of 2.4% and organic growth of 0.7%. Casino Supermarchés was also a notable performer, growing by 1.9% year over year and by 3.1% organically. These gains in France were offset, however, by the performance of the Leader Price and Franprix banners, as sales of both declined by 3.2%. While Leader Price’s organic growth and comps were both positive, at 1.7% and 1.1%, respectively, Franprix’s sales declined by 2.8% organically and its comps fell by 0.6%. Total Latin American retail sales fell by 11.1%, to €3.5 billion, but grew by 11.8% organically. The company noted that growth at Grupo Éxito continued to accelerate due to “good commercial momentum” in Colombia, Uruguay and Argentina. It added that food sales in Brazil improved, under the GPA banner, driven by strong same-store sales growth. Electronics sales in Latin America fell by 13.1%, to €1.1 billion, but grew by 0.3% organically. The group remarked that electronics sales in Latin America, under the Via Varejo banner, showed significant improvement since the last quarter, thanks to new action plans that were implemented. The company highlighted that negative currency effects dampened overall sales in Latin America. Global e-commerce sales were down 19.4% year over year and down 13.5% organically, to €660 million. Cdiscount in France showed gross merchandise value (GMV) growth of 12.6%. Cnova Brazil, however, reported a decline of 9.0% in GMV, owing to a high basis of comparison to the 2Q15 figure and the economic slowdown in Brazil.