Q3 2015 SALES
Accelerated growth in sales in France
Increase in food sales in Latin America
· In France, a significant improvement in all banners, with all now recording higher sales and customers: sales at +2.6% on an organic basis and +2.4% on a same-store basis. Customers up +3.7%.
- Géant, growth of +3.9%(1) (same-store and organic) with gain of market share of 0.1pt. Customers up +5.0%.
- Leader Price, growth of +3.1% (on an organic basis) and +2.3% (on a same-store basis) with gain of market share of 0.2pt. Customers up +9.2%.
- Monoprix, sustained growth of +4.6% (on an organic basis) and +2.2% (on a same-store basis). Customers up +1.1%.
· Internationally:
- In Latin America:
Food sales rose +5.2% on an organic basis and +2.4% on a same-store basis; solid performance for GPA Food (+6.3% on an organic basis) despite the economic slowdown.
Via Varejo's sales still impacted by the sharp decline in consumption in Brazil.
- In Asia, sales down under the impact of the events in Thailand in August; sales volumes controlled.
· E-commerce: GMV increase of +17.6% at constant exchange rates(2).
SALES TRENDS BY SECTOR
| BY SECTOR | Q2 2015 / Q2 2014 change | Q3 2015 / Q3 2014 change | |||||||
| in €m | Q2 2015 | Total growth | Organic growth | Same-store growth | Q3 2015 | Total growth | Organic growth | Same-store growth | |
| France Retail | 4,710 | -0.4% | +0.4% | +0.1% | 4,812 | +1.7% | +2.6% | +2.4% | |
| Latam Retail | 3,933 | +3.7% | +6.1% | +2.4% | 3,206 | -15.1% | +5.2% | +2.4% | |
| Latam Electronics | 1,258 | -30.0% | -21.8% | -23.6% | 978 | -44.3% | -22.8% | -24.7% | |
| Asia | 1,032 | +20.0% | -1.6% | -2.9% | 914 | +5.5% | -2.9% | -4.7% | |
| E-commerce | 824 | +9.0% | +15.7% | +15.7% | 775 | -7.9% | +7.7% | +7.7% | |
| TOTAL GROUP | 11,757 | -1.5% | -0.4% | -2.2% | 10,684 | -10.7% | -0.5% | -2.1% | |
In the third quarter of 2015, the Group's consolidated sales were impacted by a negative currency effect of -11.8%, which was alleviated by a positive consolidation effect of +1.5% and a calendar effect of +0.3%.
| Note: Organic and same-store changes exclude petrol and calendar effects
|
Q2 2015 / Q2 2014 change | Q3 2015 / Q3 2014 change | |||||||||
| BY BANNER | Q2 2015 | Total growth | Organic growth | Same-store growth | Q3 2015 | Total growth | Organic growth | Same-store growth | Same-store customers | |
| Hypermarkets(1) | 1,156 | +0.0% | +1.7% | +1.7% | 1,237 | +0.5% | +3.5% | +3.5% | +4.8% | |
| Géant Casino | 1,088 | +0.1% | +2.0% | +2.0% | 1,154 | +0.7% | +3.9% | +3.9% | +5.0% | |
| Casino Supermarkets | 801 | -4.5% | -3.7% | -2.3% | 874 | -2.1% | -0.5% | +0.7% | +1.2% | |
| Monoprix | 1,031 | +2.1% | +2.3% | +0.7% | 961 | +4.3% | +4.6% | +2.2% | +1.1% | |
| FP-LP | 1,087 | -1.3% | -0.6% | -1.8% | 1,042 | +2.9% | +1.6% | +1.7% | +4.2% | |
| o/w Franprix | 424 | -7.1% | -7.0% | -3.0% | 396 | -1.2% | -0.7% | +0.6% | +0.2% | |
| o/w Leader Price | 663 | +2.8% | +4.2% | -0.9% | 646 | +5.6% | +3.1% | +2.3% | +9.2% | |
| Convenience & Other(2) | 635 | +2.2% | +1.6% | +2.4% | 698 | +3.8% | +3.6% | +4.6% | +8.5% | |
| o/w Convenience | 352 | +5.4% | +4.2% | +7.5% | 419 | +6.6% | +5.7% | +8.5% | +13.3% | |
| FRANCE RETAIL | 4,710 | -0.4% | +0.4% | +0.1% | 4,812 | +1.7% | +2.6% | +2.4% | +3.7% | |
- France Retail
In France, all banners recorded an increase with total sales of €4,812m, up +2.6% on an organic basis and +2.4% on a same-store basis in Q3 2015.
· Strong same-store growth for Géant at +3.9%. The banner gained market share: +0.1pt over the last Kantar P09 period and customers up +5.0%.
· Leader Price continued its recovery with organic sales up +3.1% and same-store sales up +2.3% and a sharp increase in customers (+9.2%). The banner continues to gain market share: +0.2pt over the last Kantar P09 period.
· Monoprix posted very solid performances in both food and apparel with organic sales up +4.6% and same-store sales up +2.2%. The banner is now in a sustained expansion phase.
· Sales for Franprix are now positive on a same-store basis at +0.6%, despite temporary closings because of renovations. Organic sales were impacted by these renovations, by store disposals at the request of the French Competition Authority, and by the transfers of stores to other banners.
· Sales for Casino supermarkets are resuming growth at +0.7% on a same-store basis, driven by the growth in FMCG food sales (+1.1% on a same-store basis). Organic sales were also impacted by the transfers of stores to other Group banners.
· Convenience stores continued to improve their performance in Q3 2015 with same-store sales rising of +8.5%.
Casino and Intermarché decided to strengthen their cooperation by extending their agreement to
non-merchandise purchases. The two groups will now be able to launch joint bid tenders for certain equipment and services.
| (1) Including Géant Casino and activity of 4 Codim stores in Corsica |
- Latam Retail
Food sales in Latin America rose +5.2% on an organic basis and +2.4% on a same store basis.
· In Brazil, GPA recorded a sales performance in line with its performance in Q2 2015, despite the deterioration of macro-economic environment.
Food sales (GPA Food) continued to expand at +6.3% on an organic basis and at +2.2% on a same-store basis. The renovation programme for the Extra stores initiated in H1 shows first promising results in terms of sales and volumes. 50 stores have already been renovated to date, and around 60 will be completed by the end of 2015 (25% of the banner's sales); the renovations will represent 50% to 60% of sales by the end of 2016. Assaí continues to benefit from the appeal of the cash & carry format for consumers in the current slowdown, with customers up +7.5% in Q3 2015, an acceleration over Q2 2015. GPA continues to expand, primarily in cash & carry, with 12 new Assaí stores planned by the end of 2015.
GPA provided a detailed report on its third quarter sales on 13 October 2015.
· Sales for Éxito are almost flat on an organic basis (-0.4%). The Surtimax format continues to post good performances, and Uruguay as well as Argentina is once again recording sustained growth.
Total sales for the Latam Retail segment were impacted by a strong negative foreign exchange effect.
Exito will publish a detailed report on its Q3 performances on 27 November 2015.
- Latam Electronics
In Brazil, Via Varejo's sales continue to be affected by the sharp drop in consumption. The banner is upgrading its action plans in order to reduce this impact.
Note that the Group's economic interest in Via Varejo in now 14%.
Via Varejo provided a detailed report on its third quarter sales on 13 October 2015.
- Asia
Asian sales volumes rose on an organic basis (+2.2%) and were quasi-stable on a same-store basis
(-0.8%).
· In Thailand, in a context marked by a strong promotional intensity, sales were down -3.8% on an organic basis despite dynamics food sales volumes (+1.9% on an organic basis) and a continuously growing market share since the beginning of the year. Q3 was impacted by the overexposure of Big C to Bangkok and tourist areas, marked by the deadly events of last August.
· Sales for Big C Vietnam improved over Q2 2015, on both a same-store and organic basis, and are benefiting from the economic recovery.
Big C Thailand provided a detailed report on its third quarter sales on 14 October 2015.
- E-commerce
Cnova's business continued to grow in the third quarter. GMV totalled €1,121 million, up +17.6% at constant exchange rates(1). The growth in the marketplaces remains high and their share of GMV is now 22.7%.
Cnova provided a detailed commentary on its third quarter sales on 9 October 2015.
| E-COMMERCE (CNOVA) | Q3 2014 | Q3 2015 | Growth growth | Growth at constant exchange rates |
| GMV(1) including tax | 1,094.1 | 1,121.2 | +2.5% | +17.6% |
| Traffic (visits in millions) | 318.3 | 405.8 | +27.5% | |
| Active customers(2) (in millions) | 12.8 | 15.4 | +20.2% | |
| Orders(3) (in millions) | 7.8 | 9.1 | +17.0% | |
| Units sold (in millions) | 13.2 | 15.3 | +16.0% |
| (1) GMV (Gross Merchandise Volume): gross merchandise volume incl tax, data disclosed by the subsidiary
|
***
APPENDICES
Details and sales trends in Q3 2015
Organic growth is growth at constant scope of consolidation and exchange rates, excluding petrol and calendar effect, unless otherwise mentioned.
Main changes in the scope of consolidation
- Full consolidation of Super Inter from 16 October 2014
- Full consolidation of Disco at 1 January 2015
Exchange rates
| average exchange rates | Q3 2014 | Q3 2015 | Currency effect |
| Argentina (EUR/ARS) | 10.9854 | 10.2799 | +6.9% |
| Uruguay (EUR/UYP) | 31.3228 | 31.4770 | -0.5% |
| Thailand (EUR/THB) | 42.5627 | 39.1915 | +8.6% |
| Vietnam (EUR/VND) (x 1000) | 28.1628 | 24.2074 | +16.3% |
| Colombia (EUR/COP) (x 1000) | 2.5299 | 3.2730 | -22.7% |
| Brazil (EUR/BRL) | 3.0137 | 3.9340 | -23.4% |
Period-end store network
| FRANCE | 31 Mar. 2015 | 30 June 2015 | 30 Sept. 2015 | ||||
| Géant Casino Hypermarkets | 127 | 127 | 127 | ||||
| o/w French Affiliates | 7 | 7 | 7 | ||||
| International Affiliates | 10 | 10 | 10 | ||||
| Casino Supermarkets | 443 | 437 | 440 | ||||
| o/w French Franchised Affiliates | 65 | 60 | 60 | ||||
| International Franchised Affiliates | 33 | 33 | 33 | ||||
| Monoprix | 639 | 647 | 656 | ||||
| o/w Franchises/Affiliates | 188 | 191 | 188 | ||||
| Naturalia | 93 | 99 | 107 | ||||
| Naturalia franchises | 3 | 3 | 3 | ||||
| Franprix | 856 | 864 | 857 | ||||
| o/w Franchises | 320 | 326 | 322 | ||||
| Leader Price | 832 | 835 | 836 | ||||
| o/w Franchises | 208 | 187 | 173 | ||||
| Total Supermarkets and Discount | 2,770 | 2,783 | 2,789 | ||||
| Convenience | 6,884 | 6,949 | 6,956 | ||||
| Other businesses (Cafeterias, Drive, etc.) | 605 | 611 | 620 | ||||
| Indian Ocean(1) | 129 | 137 | 135 | ||||
| TOTAL France | 10,515 | 10,607 | 10,627 | ||||
| INTERNATIONAL | 31 Mar. 2015 | 30 June 2015 | 30 Sept. 2015 | ||||
| ARGENTINA | 27 | 27 | 27 | ||||
| Libertad Hypermarkets | 15 | 15 | 15 | ||||
| Mini Libertad Superettes | 12 | 12 | 12 | ||||
| URUGUAY | 54 | 56 | 61 | ||||
| Géant Hypermarkets | 2 | 2 | 2 | ||||
| Disco Supermarkets | 28 | 28 | 29 | ||||
| Devoto Supermarkets | 24 | 24 | 24 | ||||
| Devoto Express Superettes | 0 | 2 | 6 | ||||
| BRAZIL | 2,159 | 2,182 | 2,164 | ||||
| Extra Hypermarkets | 137 | 137 | 137 | ||||
| Pao de Açucar Supermarkets | 181 | 180 | 184 | ||||
| Extra Supermarkets | 206 | 204 | 199 | ||||
| Assai (discount) | 87 | 87 | 88 | ||||
| Mini Mercado Extra Superettes | 270 | 288 | 301 | ||||
| Casas Bahia | 666 | 683 | 715 | ||||
| Ponto Frio | 371 | 364 | 301 | ||||
| Drugstores | 158 | 157 | 157 | ||||
| + Service stations | 83 | 82 | 82 | ||||
| COLOMBIA | 1,397 | 1,582 | 1,567 | ||||
| Exito Hypermarkets | 81 | 81 | 81 | ||||
| Exito and Carulla | 153 | 153 | 153 | ||||
| Super Inter Supermarkets | 52 | 57 | 58 | ||||
| Surtimax (discount) | 1,007 | 1,187 | 1,169 | ||||
| o/w "Aliados" | 858 | 1,038 | 1,019 | ||||
| Exito Express and Carulla Express Superettes | 103 | 103 | 105 | ||||
| Other | 1 | 1 | 1 | ||||
| THAILAND | 643 | 665 | 697 | ||||
| Big C Hypermarkets | 123 | 124 | 124 | ||||
| Big C Market Supermarkets | 37 | 40 | 44 | ||||
| Mini Big C Superettes | 328 | 342 | 368 | ||||
| Pure | 155 | 159 | 161 | ||||
| VIETNAM | 40 | 41 | 41 | ||||
| Big C Hypermarkets | 30 | 31 | 31 | ||||
| C Express Superettes | 10 | 10 | 10 | ||||
| TOTAL International | 4,320 | 4,553 | 4,557 | ||||
(1) Before 30 September 2014, this line was included in the International total
ANALYST AND INVESTOR CONTACTS
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rgaggioli@groupe-casino.fr
or
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GROUP EXTERNAL COMMUNICATIONS DEPARTMENT
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