Casino Guichard-Perrachon (CO) Q3 2024 TU earnings summary

Executive summary

• Restructuring plan secured, with hypermarket and supermarket disposals completed on schedule; 425 stores sold since September 2023, including 135 in Q3 2024.

• Employment Protection Plans approved and being implemented, with focus on voluntary redundancy and internal redeployment.

• Strategic partnerships renewed, including a 10-year Aura Retail purchasing alliance with Intermarché and Auchan.

• Store network streamlining ongoing, with 141 unprofitable stores closed and 50 new franchise openings in Q3.

• 2028 Strategic Plan to be presented on 14 November 2024.

Financial highlights

• Q3 2024 consolidated net sales at €2.1bn, down 1.8% same-store and 5.1% as reported year-over-year.

• Adjusted EBITDA for the first nine months of 2024 at €402m, down 24% year-over-year, with a 6.4% margin.

• Free cash flow for the first nine months of 2024 at -€539m, improved from -€846m in the prior year period; excluding non-recurring moratorium payments, free cash flow was -€386m.

• Net sales for Monoprix up 0.9% same-store in Q3; Franprix down 1.2%; Casino down 4.5%; Cdiscount down 8.1%.

Outlook and guidance

• Store network streamlining and business recovery plans for convenience brands expected to have gradual impact.

• 2028 Strategic Plan to outline recovery and transformation into a leading convenience retailer.