Press Release H1 2024
Press Release H1 2024
Press Release H1 2024
In H1 2024, consolidated net sales amounted to €4.2bn, down 3.5% on a same-store basis1 and 5.9% in total
after taking into account a -2.4% effect (mainly changes in scope and store network streamlining).
In Q2 2024, net sales amounted to €2.1bn, down 3.1% on a same-store basis and 7.1% in total after taking
into account a -3.3% effect (mainly changes in scope and store network streamlining) and the calendar effect
(-0.7%).
› Convenience brands (Monoprix, Franprix and Casino) reported virtually stable net sales on a same-
store basis (-0.5%).
› Cdiscount recorded a 16.5% decline in net sales on a same-store basis, reflecting its strategy of
streamlining direct sales in favour of the Marketplace.
Monoprix
Monoprix recorded growth in net sales of 0.8% over Q2 2024 (+0.8% for the half year) on a same-store
basis, reflecting a sequential acceleration in performance for Monop’ and Naturalia (respectively +4.2% and
+6.6% in Q2 vs. +2.7% and +3.5% in Q1 2024) and the ongoing stability of Monoprix City’s performance
despite disappointing textile sales due to unfavourable weather conditions in June.
E-commerce supported the trend, with average sales growth of 3.3% in Q2 for Monoprix.fr, Amazon and the
THL (Textiles, Home, Leisure) website relaunched in March.
Monoprix continues to support its customers' purchasing power over the first half of the year, through the
development of its Access offer (100 low-price private-label essential products) and the overhaul of its M'
loyalty programme in April, enabling M' cardholders to enjoy savings of up to €80 a month for free through
personalised promotions and offers on private-label products.
The Group is also continuing to modernise its stores, with the reopening of the historic Place Blanche
Monoprix in Paris (January) and the Monoprix Saint Michel (June), with a completely redesigned concept
adapted to the needs of local neighbourhoods, and the roll-out of the new Naturalia La ferme concept in
Pantin (February) and in the 18th district of Paris (April).
Casino
Net sales by Casino brands (Vival, Spar, Petit Casino, etc.) fell by 5.1% on a same-store basis in Q2 2024
(-3.8% over the half year) in an environment that remains disrupted by the ongoing sale of Casino
hypermarkets and supermarkets. Net sales were also impacted by a lower performance from seasonal stores
and seasonal families (beverages, fresh products,etc.) in June due to unfavourable weather conditions.
The franchise expansion strategy and the streamlining of the store network continued this quarter, with
the opening of 53 franchised stores, the conversion of 37 integrated stores to franchise and business lease
and the closure of 24 unprofitable integrated stores.
In July, Casino announced (i) the renewal of its partnership with the Sherpa Cooperative to supply the
119 food stores in the Sherpa network and (ii) the renewal for five years of its partnership with
TotalEnergies to supply more than 1,000 service stations in France.
Cdiscount
Cdiscount sales continue to be automatically impacted by the deliberate strategy of reducing direct sales in
order to boost the Marketplace. In Q2, net sales were down 16.5% on a same-store basis (-18.9% for the
first half), showing a slight sequential improvement. Marketplace GMV1 accounted for 66.5% of product GMV
(65.1% for the first half) 2 and fell by -1.8% over the quarter, showing a gradual improvement from month to
month2 (-5% in Q1 2024, -4% in April, -1% in May, +2% in June, +7% in July3). Like-for-like GMV is gradually
recovering (-9% in Q2 after -12% in Q1)2.
Cdiscount rolled out its new brand platform on 24 June 2024, reflecting its promise to increase customers'
purchasing power (attractive prices, ongoing promotional offers, display of price comparisons) and its social
responsibility commitment (more sustainable consumption, increasing proportion of more responsible
products).
In H1 2024, consolidated net sales amounted to €4.2bn, down 3.5% on a same-store basis2 and 5.9% in total
after taking into account a -2.4% effect (mainly changes in scope and store network streamlining).
Group adjusted EBITDA1 came out at €255m (-23.8%), reflecting a margin of 6.1% (-143 bps).
(in €m) H1 2023 H1 2024 Change
Monoprix 206 179 -13.4%
margin 9.6% 8.3% -126 bps
Franprix 73 50 -31.6%
margin 8.5% 6.1% -239 bps
Casino 26 24 -9.4%
margin 3.4% 3.4% -4 bps
Convenience brands 305 252 -17.4%
margin 8.1% 6.9% -120 bps
Cdiscount 32 30 -6.4%
margin 5.4% 6.5% +110 bps
Other3 (3) (28) n.m.
Group adjusted EBITDA 334 255 -23.8%
margin 7.5% 6.1% -143 bps
Convenience brands
Adjusted EBITDA for convenience brands fell by €53m over the first half. H1 2023 had benefited from €20m
in income, including €10m in sponsorship credits (no additional sponsorship credits were recognised in 2024)
and €10m in income spread over the contract between Monoprix and Getir/Gorillas (contract terminated
during Q3 2023).
Apart from these one-off effects, EBITDA fell by -€33m, of which:
-€10m for Monoprix, impacted by an unfavourable margin mix and cost inflation not offset by the cost-
savings plans;
-€20m for Franprix, mainly due to impairment of trade receivables in connexion with franchise
expansion and positive income items in H1 2023;
virtually stable for Casino despite the drop in net sales.
The convenience brands are focused on reorganising their store networks and business recovery plans (store
renovation, making stores more people-focused, customer experience, price cuts), the impact of which will
be gradual.
1 See page 5
2 See definitions on page 19 of the appendices
3 Including +€18m and +€11m for Quatrim in H1 2023 and H1 2024 respectively
Adjusted EBITDA after Group lease payments1 was €26m, or €233m over a 12-month rolling period
(in €m) H1 2023 H1 2024
Monoprix 75 37
Franprix 33 8
Casino 4 2
Convenience brands 112 48
Cdiscount 16 18
Other2 -16 -40
Adjusted EBITDA after Group lease
112 26
payments
Other operating income and expenses amounted to an expense of -€609m in H1 2024 (vs. -€41m in H1 2023)
including -€449m of asset impairment losses, mainly Franprix goodwill impairment for €422m: impairment
indicators are the result of a deterioration in recurring performance compared with forecasts drawn up in
2023.
IAS 33, the weighted average number of shares in issue used to calculate earnings per share for 2023 and 2024 has been adjusted to take into account the
reverse stock split carried out in H1 2024
The covenant net debt/covenant adjusted EBITDA ratio is therefore 5.41x. Application will be effective for
the first time from 30 September 2025, with an initial required ratio of 8.34x.
1Casino Finance, Distribution Casino France, Casino Participations France, Quatrim, Segisor and Monoprix.
2€313m of these deferred items were reimbursed (€80m) owing to a cash pledge set up by the Group in favour of URSSAF in H2 2023. Of the €233m, €153m
relates to continuing operations
3Excluding restructuring costs directly attributable to Quatrim paid out of the Quatrim segregated account.
4Based on a USD/EUR exchange rate of 1.0905 at 24 January 2024 (ECB).
5Based on a BRL/EUR exchange rate of 0.1844 at 14 March 2024 (ECB).
Sale of Codim 2
On 22 June 2024, Casino Group signed a unilateral purchase agreement with a view to sell Codim 2, which
operates four hypermarkets, nine supermarkets, three cash & carry stores and two Drive locations in Corsica,
with net sales (excluding taxes) €332m in 2023. The transaction is expected to be completed after
consultation with employee representative bodies and is subject to approval by the relevant competition
authorities.
Sale of GreenYellow
On 28 May 2024, Casino Group announced that it had completed the sale of its residual 10.15% stake in
GreenYellow to Ardian and Bpifrance for net cash inflow of €46m4. Following this transaction, Casino Group
no longer holds any stake in the capital of GreenYellow.
1 Ten stores, for which the conditions precedent have not been met on time, will be sold on a deferred basis.
2This sale concerns the second group of stores mentioned in the press release of 26 May 2023, the first group of 61 outlets having been sold in full on 30
September 2023.
3 The sale of the remaining 51% controlling interest in a further 66 shops is scheduled for 30 September 2024
4 €45m net of costs
1 Distribution Casino France, Easydis, Casino Services, L’Immobilère Groupe Casino, Franprix Support, Monoprix and AMC
30 June 2023 30 Sept. 2023 31 Dec. 2023 31 Mar. 2024 30 June 2024
Monoprix 855 862 861 849 842
o/w Integrated stores France excl. Naturalia 345 342 338 336 322
Franchises/BL France excl. Naturalia 272 285 291 285 296
Naturalia integrated stores France 175 170 170 168 168
Naturalia franchises/BL France 63 65 62 60 56
Franprix 1,189 1,186 1,221 1,198 1,179
o/w Integrated stores France 324 319 323 320 316
Franchises/BL France 745 754 782 768 758
International affiliates1 120 113 116 110 105
Casino 6,017 5,964 5,862 5,816 5,751
o/w Integrated stores France 568 543 493 450 389
Franchises/BL France 5,318 5,286 5,230 5,227 5,220
International affiliates2 131 135 139 139 142
Other businesses3 5 5 5 5 5
TOTAL 8,066 8,017 7,949 7,868 7,777
BL : Business Lease
1International affiliate convenience stores include HM/SM affiliates abroad. Leader Price franchises in France are presented within discontinued operations.
2International affiliate convenience stores include HM/SM affiliates abroad. HM/SM stores in France are presented within discontinued operations.
3Other activities include 3C Cameroun.
H1 2023
H1 2023 Restated Restated H1 2024
underlying H1 2024
(restated) items items underlying
In €m (restated)
Discontinued operations
In accordance with IFRS 5, the earnings of the following businesses are presented within discontinued
operations for 2024 and 2023:
Assaí: Casino Group relinquished control of its Brazilian cash & carry business Assaí in March 2023 and sold its
residual stake in the company on 23 June 2023.
Grupo Éxito: in connection with the tender offers launched in the United States and Colombia by Grupo Calleja
for Grupo Éxito, Casino Group completed the sale of its entire 47.36% stake on 26 January 2024 (including a
13.31% indirect stake via GPA).
GPA: the BRL 704m capital increase was completed on 14 March 2024, the date on which Casino Group lost
control. On completion of this transaction, the Group held 22.5% of the capital of GPA, accounted for by the
equity method.
Casino hypermarkets and supermarkets: in light of the sale of the hypermarkets and supermarkets, the results
of these businesses (including Codim) are presented within discontinued operations for 2023 and 2024. The
Leader Price franchises in France are also presented within discontinued operations.
CONTINUING OPERATIONS
Net sales 4,192 4,454
Other revenue 29 41
EBIT (56) 17
As a % of net sales -1.3% 0.4%
DISCONTINUED OPERATIONS
Net profit (loss) from discontinued operations (2,575) (1,991)
Attributable to owners of the parent (2,511) (1,313)
Attributable to non-controlling interests (65) (678)
Equity instruments at fair value through other comprehensive income (7) (11)
Actuarial gains and losses 4 7
Share of items of equity-accounted investees that will never be subsequently reclassified to - -
profit or loss
Income tax effects (1) (2)
Other comprehensive income for the period, net of tax 6,439 684
Total comprehensive income (loss) for the period, net of tax 6,413 (2,235)
(i) The change in the cash flow hedge reserve in first-half 2024 and first-half 2023 was not material.
(ii) The €6,440 million change in this item in first-half 2024 primarily results from the loss of control of GPA and Éxito, for €4,827m and €1,613m
respectively, along with the impact corresponding to the reclassification of the translation reserve of €1,574m and €778m respectively. The
positive €676m change in this item in first-half 2023 primarily resulted from the appreciation of the Brazilian and Colombian currencies
(representing €145m and €126m, respectively), and the reclassification to profit (loss) of €453m after control of Sendas was relinquished.
ASSETS
30 June 2024 31 December 2023
(€ millions)
Investment property 33 49
Additional paid-in capital, treasury shares, retained earnings and 1,541 (2,618)
consolidated net profit (loss)
Equity attributable to owners of the parent 1,545 (2,453)
Dividends paid:
to owners of the parent - -
to non-controlling interests (1) -
to TSSDI holders - (42)
Increase (decrease) in the parent's share capital 1,199 -
Transactions between the Group and owners of non-controlling interests (2) -
(Purchases) sales of treasury shares - (2)
Additions to loans and borrowings 31 2,297
Repayments of loans and borrowings (1,102) (520)
Repayments of lease liabilities (159) (161)
Interest paid, net (181) (242)
Other repayments (7) (9)
Net cash from (used in) financing activities of discontinued operations (286) (336)
Net cash from (used in) financing activities (508) 985
of which continuing operations (222) 1,322
Effect of changes in exchange rates on cash and cash equivalents of continuing operations (3) (6)
Effect of changes in exchange rates on cash and cash equivalents of discontinued operations (4) 130
Change in cash and cash equivalents (747) (320)
- of which net cash and cash equivalents of continuing operations 853 2,265
- of which net cash and cash equivalents of discontinued operations 902 -
- of which net cash and cash equivalents of continuing operations 1,008 1,945
- of which net cash and cash equivalents of discontinued operations (1) -
Same-store growth
Same-store net sales include e-commerce sales and sales of merchandise excluding fuel from stores open for at least 12 months. The
figure is calculated at constant exchange rates excluding calendar effects.
Adjusted EBITDA
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) is defined as trading profit plus recurring
depreciation and amortisation expense.
Net debt
Net debt corresponds to gross borrowings and debt including derivatives designed as fair value hedge (liabilities) and trade payables
- structured programme, less (i) cash and cash equivalents, (ii) financial assets held for cash management purposes and as short-term
investments, (iii) derivatives designated as fair value hedge (assets), and (iv) financial assets arising from a significant disposal of non-
current assets.
Covenant
The covenant is defined as the ratio between 'covenant net debt' and 'covenant adjusted EBITDA'. The scope of the covenant test
corresponds to the Group adjusted for Quatrim and, to a lesser extent, the subsidiaries Mayland in Poland and Wilkes in Brazil.
Press contacts
Corporate Communications Department – Casino Group
Stéphanie Abadie +33 (0)6 26 27 37 05 sabadie@groupe-casino.fr
Investor Communications +33 (0)1 53 65 24 78 directiondelacommunication@groupe-casino.fr
Department
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. Recipients should not consider it as a substitute for the
exercise of their own judgement. All the opinions expressed herein are subject to change without notice.