Casino Guichard-Perrachon (CO) H1 2024 earnings summary

Executive summary

• First half of 2024 marked by major restructuring, asset sales, and a focus on proximity/convenience retail brands, with a new management team driving operational and financial turnaround.

• Commercial transformation included new supply partnerships, store refurbishments, and loyalty program overhauls.

• Streamlined store network and asset disposals aimed at focusing on more profitable convenience brands.

• Financial results impacted by legacy issues and restructuring context; value creation plan to be announced after Q3 2024.

Financial highlights

• H1 2024 net sales: €4.2bn, down 3.5% like-for-like; adjusted EBITDA: €255m, down €79m year-on-year; EBITDA after lease payments: €26m, down €86m.

• Net profit from continuing operations, Group share: €2.5bn (vs. €918m loss in H1 2023), driven by €3.5bn non-recurring financial income from restructuring and €449m asset impairments.

• Underlying net loss, Group share: -€349m (vs. -€892m in H1 2023), a significant improvement year-on-year.

• Free cash flow deficit: -€413m, including deferred tax/social charges; excluding these, -€248m.

• Net financial debt reduced by €5.1bn to €1.0bn at June 30, 2024.

Outlook and guidance

• Restructuring to be finalized by year-end, with remaining hypermarkets and supermarkets to be sold or closed.

• Value creation plan to be unveiled after Q3 2024, focusing on profitable growth and operational efficiency.

• Satisfactory liquidity position and no material debt maturities before March 2026.