CASINO - 3Q16 SALES
​Casino has released mixed 3Q16 sales, totalling €10.4bn and up by 1.7% on a LFL basis (after 1.8% in Q2). Slight weaknesses in France retail (LFL -0.6%) were offset by recovering Latam Retail (+8.2% driven by subsidiary GPA Food) and, to a lower extent, Latam electronics (+2.0% in a declining market for furniture and home appliances). The food category over-performed the more discretionary non-food units in both regions. E-commerce remains a challenging area (-16% after -13% in Q2), with two opposite trends in France and in Brazil. Cnova Brazil contracted sharply, impacted by the poor macroeconomic environment in Brazil which particularly hurt non-food sales, while Cdiscount France shows continued sales growth and profitability improvements.
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