2019 NET SALES

  • Full-year 2019 net sales of €34.6bn1, up +4.2%2 organically and +2.2%2 on a same-store basis
  • Q4 2019 net sales of €9.2bn1, up +3.6%2 on an organic basis and +1.6%2 on a same-store basis. In France, stable same-store net sales, strong organic growth in Latam (+9.2%)
  • Business reorganisation in Latin America

Highlights

In France, the main new highlight of the Q4 2019 and beginning 2020 is the strong increase in customer traffic driven by the fast deployment of autonomous stores in the Group’s banners:

  • This technology, which was initially deployed at Franprix and Monoprix and is now available in the Supermarkets banner, enables automated opening of the stores concerned during extended hours (late evening, Sunday and, in some cases, 24/7), responds to customers’ changing needs, and attracts new customers without promotional investment.
  • With over 300 autonomous stores deployed as of end-2019, this new service has led to an increase in customer traffic (+0.8% in Q4 in France, the best performance over 5 quarters) and stable overall sales on a same-store basis, despite an environment shaped by social unrest and a decline in consumer confidence in December.
  • The Supermarkets format, with one-third of the integrated stores now equipped with the automated technology, benefited from a customer traffic up +2.3% over the quarter, the best performance since Q3 2016. These deployments will continue in Q1 2020 with the objective to cover half of the Hypermarkets and Supermarkets network.

In offering its customers a unique service, the Group is pursuing its differentiation strategy and adapting its business model. 

The Group has also continued to implement its strategic priorities:

1/ Marketing priorities, with:

  • Good organic product growth of +5.9% on a same-store basis in Q4, a buoyant category that promotes customer loyalty, and launch of an ultra-convenience concept, Casino#Bio, alongside Naturalia. Full-year net sales in the organic product segment totalled €1.1bn.
  • Same-store growth of +9.6% in the food e-commerce segment in Q4, led notably by the partnership with Amazon which was recently expanded to include the Côte d’Azur region.
    E-commerce accounted for 24% of the business in the quarter (18% on a reported basis in Q4 2018). This trend will accelerate with the opening of the Ocado warehouse at the end of Q1 2020.
  • Continuation of partnerships and ongoing expansion of physical marketplaces to offer the best products through new corners (Hema, etc.).

2/ Digital priorities, driven by smartphone scan & pay solutions in over 600 stores, an innovative subscription-based digital loyalty programme, with a cumulative 200,000 suscribers over the quarter, and Casino Max, with users of the app accounting for over 20% of sales for the last two months of the year.

3/ Development priorities, with:

  • Continued profitable franchise development, with the opening of 112 premium and convenience stores during the year.
  • Very fast expansion of new businesses, with Data revenue for the year up +51% at €61m3, the acquisition of major customers by the Data Center business in the banking, 3-D animation and new technologies sectors and +126% growth in GreenYellow’s project pipeline to 451 MWp in Q4.

Lastly, Cdiscount delivered its profitable growth strategy, with gross merchandise volume (GMV) for the year up +9.1%4 on an organic basis and a +3.7 points increase in the marketplace contribution to 38.1%1 in 2019.

Casino also continued to execute its plans to strengthen the Group’s structure: 

  • Execution of the refinancing plan, with €1.8bn in new financing secured and the establishment of a new confirmed credit line in France maturing in October 2023, which has extended the average maturity of the Group’s credit lines from 1.6 to 3.6 years.
  • Operations in Latin America have been consolidated within the Brazilian subsidiary GPA, which now owns 96.6% of Éxito. GPA’s shares are expected to be transferred to the Novo Mercado in February 2020.
  • Confirmation of the disposal plan objectives in France of €2.5bn to be sold by the end of Q1 2020, of which €2.1bn already signed, and €4.5bn by the end of Q1 2021. 

The growth in trading profit (not already audited figures) on the France Retail scope excluding real estate is estimated at +5%. On this basis, the Retail trading margin would reach 3.1%, up +20bp compared to 20185.

In Latin America, the Group continued to enjoy strong growth in Q4, up +9.2% on an organic basis, driven by the cash & carry business, the refurbished and converted to buoyant formats supermarkets and very good momentum in the convenience segment. The business in Colombia performed well across all formats.

Q4 2019/Q4 2018 change 2019/2018 change  
NET SALES (in €m) Q4
2019
Total
growth
Organic growth6 Same-store
growth3
Same-store growth over
2 years
 

2019
Total
growth
Organic growth3 Same-store growth3
France Retail 4,164 -4.3% -1.2% +0.0% +0.3% 16,322 -2.8% -0.7% +0.3%
Cdiscount 617 -3.3% -3.3% -3.3% +0.6% 1,966 +0.0% -1.4% -1.4%
Total France7 4,781 -4.1% -1.6% -0.6% +0.3% 18,288 -2.5% -0.8% +0.1%
Latam Retail 4,447 +1.7% +9.2% +3.4% +9.6% 16,358 +5.0% +9.7% +4.0%
TOTAL GROUP4 9,228 -1.4% +3.6% +1.6% +5.4% 34,645 +0.9% +4.2% +2.2%
Cdiscount’s GMV1 1,202 +3.6% +6.5% n.a. n.a. 3,899 +7.0% +9.1% n.a.

As part of the ongoing disposal process, Leader Price has been classified as discontinued operations and is no longer included in the Group’s consolidated sales in 2019. As a consequence 2018 has been restated.

In fourth-quarter 2019, the currency effect was unfavourable at -3.2% and the fuel effect came to +0.5%. Changes in scope of consolidation had a negative impact of -1.6%. The calendar effect was -0.8%.


Business review

France Retail

 

 
  Q3 2019/Q3 2018 change (proforma8)   Q4 2019/Q4 2018 change  
NET SALES

BY BANNER
Q3 2019 Total growth Organic growth9 Same-store growth2 Same-store growth2 over 2 years Q4
2019
Total growth Organic growth2 Same-store growth2 Same-store growth2 over 2 years
Monoprix 1,054 +0.5% +0.1% +0.3% +1.7% 1,232 +0.0% +0.9% +0.2% +0.7%
Franprix 359 -5.6% -3.4% -0.2% +2.5% 386 -4.9% -3.3% +0.6% +0.6%
Hypermarkets 1,175 -6.4% -0.1% +0.7% +2.5% 1,164 -6.3% -0.2% -0.5% -1.0%
o/w Géant10 1,113 -6.5% +0.4% +1.1% +3.9% 1,110 -6.6% -0.2% -0.7% -0.7%
 o/w food 737 -10.2% n.a. +2.1% +6.7% 720 -12.7% n.a. -0.5% +0.2%
 o/w non-food 143 -3.9% n.a. -6.7% -10.7% 158 -3.4% n.a. -4.2% -8.3%
Supermarkets 853 -2.9% -2.7% +0.5% +2.2% 775 -2.9% -2.5% +0.4% +1.2%
o/w SM Casino3 793 -3.0% -2.7% +0.7% +2.2% 737 -3.3% -2.7% +0.4% +1.2%
Convenience & Other11 672 -6.6% -3.2% -0.8% +2.7% 607 -9.6% -4.8% -1.0% +0.3%
o/w Convenience12 385 -1.1% -1.0% +0.7% +3.9% 297 -1.3% -1.4% -0.3% +2.2%
FRANCE RETAIL 4,112 -4.0% -1.3% +0.4% +2.4% 4,164 -4.3% -1.2% +0.0% +0.3%

In France, sales for the quarter were stable on a same-store basis, at €4,164m reflecting the focus of the Group on its most buoyant formats and geographies with:

  • The disposal or closure of 17 loss-making hypermarkets13 and 28 loss-making supermarkets, which led to the decrease in total sales for the quarter ;
  • The good performance, in the context of Q4, of the formats and geographies in which the Group is developing, notably on its commercial and digital priorities including:
    • Buoyant categories such as organic products, up +5.9% over the quarter, fresh products and catering.
    • Food e-commerce, which delivered solid growth of +9.6%.
    • The development of digital solutions, in particular with the growing penetration rate of the Casino Max app, whose subscribers accounted for over 20% of total sales in the Hypermarkets and Supermarkets in the last two months of the year.
    • Subscriptions to the digital loyalty programme Casino Max Extra14, with more than a cumulative 200,000 customers signed up over the quarter.

Business review by banner:

  • Monoprix reported same-store sales growth of +0.2%, along with an increase in customer traffic. The e-commerce business once again enjoyed double-digit growth, led by the partnership with Amazon which was recently expanded to include the Côte d’Azur region. Naturalia continued to perform well and pursued its expansion, with 9 new stores opened during the quarter. Monoprix continued to roll out autonomous stores, counting a total of 93 as of end-December.
     
  • Franprix reported same-store sales growth of +0.6%, along with an increase in customer traffic. Same-store sales of organic products rose by +15.8%. During the quarter, Franprix pursued the development of non-food corners, thereby strengthening customer traffic. Most stores provide Cdiscount products, 58 stores feature a Hema offering and 30 stores have a “…le drugstore parisien” corner. At end-December, the banner had 54 autonomous stores.
     
  • Casino Supermarkets reported +0.4% same-store growth. Customer traffic increased strongly by +2.3%, and accelerated in early 2020 led by autonomous stores (100 as of end-December). Buoyant segments maintained their very good momentum, with same-store growth of +11.9% for organic products and +15.6% in e‑commerce over the quarter.
     
  • Géant Hypermarkets reported a -0.7% decrease in sales on a same-store basis. The organic product and e-commerce categories continued to perform well, with sales up +3.7% and +7.6% respectively on a same-store basis. The banner had 20 autonomous stores as of end-December and continued to benefit from Sunday openings. During the quarter, the banner notably accelerated the creation of shops-in-shops in partnership with specialists.
     
  • Net sales in the Convenience segment were down -0.3% on a same-store basis for the quarter with an increase in customer traffic and up +2.2% over two years. During the quarter, the banner significantly strengthened its private‑label offering, whose contribution to total sales rose by +4.3 points within the integrated store perimeter. A new all-organic convenience concept, Casino#Bio, was launched during the period, featuring over 4,000 organic products including around 700 private-label items. The Convenience format now includes 38 autonomous stores and plans to step up the pace of this expansion in 2020.

GreenYellow

GreenYellow accelerated the rapid development of its photovoltaic project pipeline. Over the quarter, the Group’s energy subsidiary strengthened its photovoltaic activity, especially in Morocco with STMicroelectronics, where the largest solar plant in terms of solar-roof car park shade structures (4,000 sq.m.) was inaugurated, in Colombia with the SEB group, in France with the installation of solar panels in the car racing circuit at the Nevers Magny-Cours representing a photovoltaic capacity of 4.7 MWp, and on Reunion Island with Roland Garros airport. During the quarter, GreenYellow signed a new energy efficiency contract with Samson Regulation, a mechanical and industrial engineering expert.

In addition, GreenYellow continued to enhance its international solutions platform, with the addition of B2B energy sales in Brazil, and B2C gas sales in France through Cdiscount. A new partnership agreement was signed with Jedlix, the start-up developer of a smart charging app, which has strengthened GreenYellow’s mobility business.

Its photovoltaic project pipeline now represents 451 MWp. In addition, the annual energy savings generated by GreenYellow represent €77m.


Data & Data Center

3W-relevanC’s Data business reported sales for the year of €61m15, up +51% on 2018. In December, 3W-relevanC and its partner, Orange Advertising, won an award at the Trophées LSA de l’Innovation in the Marketing category for their unique TV2Store solution for measuring the true impact of television advertising campaigns on in-store sales.

ScaleMax continued to expand its customer portfolio, signing new contracts with Natixis, Amundi, Ascendance Flight Technologies and Iconem during the quarter. In response to strong demand, ScaleMax already doubled its computing capacity at its first site last October and plans to open a new site during the first half of 2020.


Cdiscount16

In 2019, Cdiscount generated gross merchandise volume (GMV) of €3.9bn, an organic increase of +9.1%17 driven by the marketplace which is a key profitability lever, B2C services and Géant corners.

  • The product marketplace represented €1.3bn and demonstrated good growth momentum (+12.1%). The marketplace’s contribution to GMV rose by +3.7 points in 2019 to 38.1%. The Fulfillment by Cdiscount service achieved record growth of +63%, with the marketplace’s contribution rising by +10 points to 31.2%.
  • The services marketplace’s GMV was 3.4 times higher than in 2018. Cdiscount Voyages reported a tenfold increase in GMV compared with 2018 and launched a marketplace comprising 15,000 packages, including offers in partnership with Disneyland. Cdiscount enjoyed a strong development of Cdiscount Energie reporting GMV up +86% and launch of three new services.
  • The international platform expanded, with GMV up +85% in Q4 2019. Cdiscount makes deliveries in 25 European countries and has 47 connected websites (44 more than at end-2018). An alliance of four European marketplaces, the International Marketplace Network (IMN) was deployed in 2019, enabling the pooling of vendors.
  • Cdiscount recorded an increase in traffic and customers, led by the mobile app and loyalty. It ranks second in terms of traffic, with over 20 million unique visitors per month. 70% of the traffic is carried by mobile phones. It has 9.2 million active customers, with a growing proportion of mobile traffic: 50% of sales are made via the mobile app, an increase of +5.5 points.  Cdiscount à Volonté has over 2 million members and accounts for 35.8% of GMV, an increase of +1.7 points.
Key figures1 Q4 2018 Q4 2019 Reported growth1 Organic growth2
GMV total including tax18 1,160 1,202 +3.6% +6.5%
o/w direct sales 725 697 -3.9%  
o/w marketplace sales 335 376 +12.2%  
Marketplace contribution19 (%) 32.8% 37.3% +4.5 pts
Net sales (in €m) 703 677 -3.6% +0.1%
       
Traffic (millions of visits) 281 285 +1.4%
Mobile traffic contribution (%) 66.9% 72.1% +5.2 pts
Active customers (in millions) 8.9 9.2 +3.1%


Key figures1 2018 2019 Reported growth1 Organic growth2
GMV total including tax3 3,646 3,899 +7.0% +9.1%
o/w direct sales 2,237 2,204 -1.4%  
o/w marketplace sales 1,117 1,253 +12.1%  
Marketplace contribution4 (%) 34.4% 38.1% +3.7 pts
Net sales (in €m) 2,174 2,195 +0.9% +3.5%
       
Traffic (millions of visits) 964 1,021 +5.9%
Mobile traffic contribution (%) 65.1% 71.3% +6.2 pts
Active customers (in millions) 8.9 9.2 +3.1%

Cnova provided a detailed report on its Q4 net sales on 15 January 2020.

Latam Retail

Sales at the Group's businesses in Latin America (GPA Food and Éxito) rose by +3.4% on a same-store basis and +9.2% on an organic basis this quarter. Consolidated net sales were impacted by a negative currency effect of -6.7%.

  • GPA Food reported +8.4%20 growth for the quarter on an organic basis.
    • Assaí reported strong organic growth of +19.7%1 driven by the format’s attractiveness and the successful expansion strategy, with 22 new stores opened during the year, including 13 in Q4 setting a quarterly record. The banner’s same-store growth was +4.3%1 despite the high basis of comparison in 2018. Customer traffic rose significantly over the year and the banner recorded further market share gains.
    • At Multivarejo, the formats that benefited from renovation programmes continued to enjoy strong and steady growth. On 14 January, the company appointed Jorge Faiçal as head of Multivarejo to lead the banners’ transformation.

Renovated Pão de Açúcar stores, which now account for 40% of the banner’s sales, continued to deliver a solid performance that was +700bps1 above the rest of the store base. The banner intends to pursue the renovation programme in 2020, coupled with the expansion of 5 to 10 stores. The Convenience format reported strong +10.0%1 growth despite the high basis of comparison in 2018 (+19.1%1 in Q4 2018). The banner relaunched its expansion programme, opening 9 Minuto Pão de Açúcar stores during the quarter. After converting 18 new Extra Supermarkets to the Mercado Extra format, the converted store base now comprises 100 stores delivering growth in sales of around +5%1 and increased customer traffic. The Mercado Extra’s conversion programme will be completed in 2020. 15 stores were also converted to the Compre Bem format during the quarter, for a total of 28 stores to date, registering sales growth of around +15%1 and customer traffic increase. The performance of the Extra Hypermarkets was impacted by a high basis of comparison for the non-food categories over the past two years. A new segmentation of the store portfolio has been established, comprising high-performing stores (around 70) and stores in the process of being sold/closed, converted in Assaí or remodelled. This segmentation will enable the Group to implement an appropriate operational management for each segment.

The Group is pursuing the development of strategic initiatives to support its digital transformation. The e-commerce format reported annual growth of more than +40%1, led by expansion of express delivery and click & collect services. James Delivery enjoyed average monthly growth of +35%1 and a fifteenfold increase in the number of orders since the beginning of the year. The mobile phone app was downloaded over 11 million times and represented more than 20% of Multivarejo’s sales.

During the year, 22 Assaí stores were opened, representing a +20%1 increase in retail space. At Multivarejo, 10 Minuto Pão de Açúcar stores were deployed and the programme of store conversions and renovations was pursued with i) 92 Extra Supermarkets converted, of which 77 to Mercado Extra and 15 to Compre Bem; and ii) 20 Pão de Açúcar stores renovated, raising the total number of renovated units to 46.
                     
                     
                    
                    
                    

·Éxito Group performed well across all formats.

      GPA released a detailed report on its Q4 net sales on 15 January 2020 and Éxito Group will provide a detailed report on its results on 17 February 2020.

      ***

Appendices

Main changes in consolidation scope

  • Reclassification of Leader Price under discontinued operations
  • Impact of the Rocade plan to dispose of loss-making stores under the Géant Hypermarkets and Casino Supermarkets banners

       

Retrospective application of IFRS 5 to 2019 and 2018 quarterly sales in France

The Group’s reported sales are affected by the process for the disposal of Leader Price announced in Q4 2019. In accordance with IFRS 5, Leader Price’s sales (excluding Geimex) are recognised under discontinued operations and no longer appear in the Group's consolidated sales. 

Reconciliation of reported 2019 sales with restated sales in France

In €m France Retail - continuing operations - reported sales Leader Price France Retail - continuing operations - restated sales
Q1 2019 4,402 493 3,909
Q2 2019 4,643 506 4,136
Q3 2019 4,591 479 4,112
       

Reconciliation of reported 2018 sales with restated sales in France

In €m France Retail - continuing operations - reported sales Leader Price France Retail - continuing operations - restated sales
Q1 2018 4,551 563 3,988
Q2 2018 4,759 593 4,166
Q3 2018 4,832 550 4,282
Q4 2018 4,919 569 4,350
Year 2018 19,061 2,275 16,786

Exchange rate

AVERAGE EXCHANGE RATES Q4 2018 Q4 2019 Currency effect
Brazil (EUR/BRL) 4.3096 4.4143 -2.4%
Colombia (EUR/COP) (x 1000) 3.4875 3.6722 -5.0%
Uruguay (EUR/UYP) 36.2481 39.4525 -8.1%
Argentina21 (EUR/ARS) 43.0451 67.2695 -36.0%

Implementation of IAS 29

IAS 29, which relates to the accounting treatment of hyperinflation in Argentina, was applied to the accounts closing process at 31 December 2019 (Latam Retail). To permit meaningful comparisons between the 2019 and 2018 data, the net sales figures for Argentina in 2019 have been restated in line with IAS 29. 

Changes in operating KPIs for France during 2019

  2018
published
2019 Annual target
2021
1. Mix     
Net sales of organic products €1.0bn €1.1bn €1.5bn
2. E-commerce      
E-commerce (share of total)22 18% 24% 30%
E-commerce gross food sales under banner23 317 353 €1bn
Cdiscount GMV €3,6bn €3,9bn €5bn
3. Digitalisation      
Scan & Go deployment24 33% 50% 100%


Gross sales under banner – France

TOTAL ESTIMATED GROSS FOOD SALES

UNDER BANNER (in €m, excluding fuel)
  Change (excl. calendar effects)
  Q4 2019 Q4 2019 2019
Monoprix 1,268 +2.2% +0.9%
Franprix 438 -4.4% -3.0%
Supermarkets 698 -6.1% -3.2%
Hypermarkets 868 -0.6% +2.6%
Convenience & Other 719 -8.7% -3.7%
  o/w Convenience 367 -1.5% +1.5%
TOTAL FOOD 3,993 -2.4% -0.5%
       
TOTAL ESTIMATED GROSS NON-FOOD SALES

UNDER BANNER (in €m, excluding fuel)
  Change (excl. calendar effects)
  Q4 2019 Q4 2019 2019
Hypermarkets 167 -4.3% +0.0%
Cdiscount 917 +5.2% +7.9%
TOTAL NON-FOOD 1,084 +3.6% +6.4%
       
       
TOTAL GROSS SALES UNDER BANNER

(in €m, excluding fuel)
  Change (excl. calendar effects)
  Q4 2019 Q4 2019 2019
TOTAL FRANCE AND CDISCOUNT 5,076 -1.2% +0.7%

2019/2018 change in sales in France by banner

BY BANNER (net sales, in €m) 2019 Total growth Organic growth25 Same-store growth1
Monoprix 4,548 +0.6% +0.4% +0.2%
Franprix 1,526 -4.9% -2.9% +0.0%
Supermarkets 3,142 -2.6% -1.6% +0.6%
o/w SM Casino26 2,962 -3.0% -2.0% +0.7%
Hypermarkets 4,560 -4.3% +0.7% +0.4%
o/w Géant2 4,345 -4.2% +1.1% +0.7%
  o/w food 2,893 -7.9% n.a. +0.8%
  o/w non-food 551 -2.2% n.a. -1.8%
Convenience & Other27 2,547 -4.8% -2.3% +0.2%
o/w Convenience28 1,317 +0.3% +1.0% +1.6%
FRANCE RETAIL 16,322 -2.8% -0.7% +0.3%


Store network at period-end

FRANCE   31 March 2019 30 June
 2019
30 Sep.
2019
31 Dec. 2019
Géant Casino Hypermarkets   122 113 110 109
  o/w French franchised affiliates   7 6 6 4
  International affiliates   5 5 5 6
Casino Supermarkets   439 420 421 411
  o/w French franchised affiliates   104 92 91 83
  International affiliates   20 20 21 22
Monoprix   765 771 778 784
  o/w franchised affiliates   174 178 180 186
Naturalia integrated stores   177 179 181 182
Naturalia franchised   14 16 19 23
Franprix   892 888 881 877
  o/w franchised   435 443 448 459
Convenience   5,139 5,142 5,142 5,139
Other businesses (Cafeterias, Drive, etc.)   579 395 394 367
Indian Ocean   243 246 254 259
TOTAL France   8,179 7,975 7,980 7,946
           
 

 

 

 

 

 

 

 

 

 

 
         
INTERNATIONAL   31 March 2019 30 June
 2019
30 Sep.
2019
31 Dec. 2019
ARGENTINA   26 24 25 25
Libertad Hypermarkets   15 15 15 15
Mini Libertad and Petit Libertad mini-supermarkets   11 9 10 10
URUGUAY   91 91 91 91
Géant Hypermarkets   2 2 2 2
Disco Supermarkets   29 29 29 29
Devoto Supermarkets   24 24 24 24
Devoto Express mini-supermarkets   36 36 36 36
BRAZIL   1,059 1,059 1,054 1,076
Extra Hypermarkets   112 112 112 112
Pão de Açúcar Supermarkets   186 185 185 185
Extra Supermarkets   173 171 161 153
Compre Bem   13 13 13 28
Assaí (cash & carry)   145 148 153 166
Mini Mercado Extra & Minuto Pão de Açúcar mini-supermarkets   235 235 236 237
Drugstores   124 124 123 123
+ Service stations   71 71 71 72
COLOMBIA   1,959 2,000 1,980 2,033
Éxito Hypermarkets   92 92 92 92
Éxito and Carulla Supermarkets   161 158 158 158
Super Inter Supermarkets   70 70 70 70
Surtimax (discount)   1,520 1,561 1,537 1,588
o/w “Aliados”   1,419 1,469 1,445 1,496
B2B   20 25 30 30
Éxito Express and Carulla Express mini-supermarkets   96 94 93 95
CAMEROON   1 1 1 1
Cash & carry   1 1 1 1
TOTAL International   3,136 3,175 3,151 3,226

ANALYST AND INVESTOR CONTACTS

Régine Gaggioli – +33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr

or

+33 (0)1 53 65 24 17
IR_Casino@groupe-casino.fr

PRESS CONTACTS

Casino Group – Communications Department
Stéphanie Abadie – sabadie@groupe-casino.fr – +33 (0)6 26 27 37 05

or

+33 (0)1 53 65 24 78 – directiondelacommunication@groupe-casino.fr

Agence IMAGE 7
Karine Allouis – +33(0)1 53 70 74 84  – kallouis@image7.fr
Flore Larger  – flarger@image7.fr

 

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.




1 Leader Price's sales are now presented as discontinued operations. In accordance with IFRS 5, Leader Price data for fiscal year 2018 as well as data relating to the previous quarters of fiscal year 2019 have been restated in discontinued operations.


2 Excluding fuel and calendar effects. Net sales and total and organic growth are impacted by the Rocade plan


3 Including intragroup revenues


4 Data published by the subsidiary


5 Changes in trading profit and trading margin assessed in accordance with IFRS 5, following the classification of Leader Price as a discontinued operations in 2018 and 2019


6 Excluding fuel and calendar effects


7 Leader Price's sales are now presented as discontinued operations. In accordance with IFRS 5, Leader Price data for fiscal year 2018 as well as data relating to the previous quarters of fiscal year 2019 have been restated in discontinued operations.


8 Leader Price's sales are now presented as discontinued operations. In accordance with IFRS 5, Leader Price data for fiscal year 2018 as well as data relating to the previous quarters of fiscal year 2019 have been restated in discontinued operations.


9 Excluding fuel and calendar effects


10 Excluding Codim stores in Corsica: 8 supermarkets and 4 hypermarkets


11 Other: mainly Vindémia and Cafeterias


12 Net sales on a same-store basis include the same-store performance of franchised stores.


13 Of the 17 hypermarket disposals announced, 15 had been finalised at 12/31/2019 and 2 are in the process of being finalised.


14 Subscribers to the Casino Max à Volonté programme receive an immediate 10% discount on all purchases, for a monthly subscription payment of €10


15 Including intragroup revenues


16 Unaudited data published by Cnova NV. The reported figures present all revenues generated by Cdiscount, including its technical goods sales in the Casino Group’s hypermarkets and supermarkets


17 Organic growth figures exclude (i) sales realized in Casino Group’s hypermarkets and supermarkets on technical goods and home category (total exclusion impact in 2019: +3.1 pts and +4.0 pts, respectively, on GMV and net sales growth ; in 4Q19: +2.9 pts and +3.7 pts, respectively, on GMV and net sales growth), and (ii) first 9 months of 1001Pneus acquired at the beginning of 4Q18 (total exclusion impact in 2019: -1.0 pt and -1.4 pt on GMV and net sales growth ; included in 4Q19 organic growth) but take into account showroom sales


18 Gross merchandise volume (GMV) includes sales of merchandise, other revenues and the marketplace’s sales volume based on confirmed and shipped orders, including tax, and the sales volume of services


19 Marketplace GMV shares have been adjusted to take into account coupons and warranties and exclude CDAV subscription fees. 2018 GMV share has therefore been adjusted by +0.1pt for comparison purposes and 4Q18 by -0.1 pt


20 Data published by the subsidiary.


21 Pursuant to the application of IAS 29, the exchange rate used to convert the Argentina figures corresponds to the rate at the reporting date


22 Online sales under the banners and Cdiscount’s GMV for Q4


23 E-commerce food sales = France e-commerce excluding Cdiscount


24 Hypermarkets and Supermarkets


25 Excluding fuel and calendar effects


26 Excluding Codim stores in Corsica: 8 supermarkets and 4 hypermarkets


27 Other: mainly Vindémia and Cafeterias


28 Net sales on a same-store basis include the same-store performance of franchised stores.


Attachment