French retailer Casino’s operating profit drops in 2022

PARIS, March 10 (Reuters) – Retailer Casino pledged on Friday to reduce debt and costs this year, after announcing a 5.9% drop in the group’s operating profit in 2022, reflecting the sharp decline in its main activities in France after weak sales in the United States. fourth trimester.

Casino also indicated that it had entered into an exclusive agreement with Teract to combine its distribution activities in France within an entity controlled by Casino.

The company, which has sold assets to reduce its debt, reiterated its target to complete the final €400 million tranche of its €4.5 billion sale plan by the end of 2023.

Casino, which also controls Brazilian Grupo Pao de Acucar, said the group’s operating profit in 2022 was 1,117 million euros, or 5.9% less. This reflects a 9.1% decline in the basic result of the distribution activity in France, where Géant hypermarket sales fell sharply in the fourth quarter of 2022 amid competitive pressure.

(Reporting by Dominique Vidalon; Editing by Benoit Van Overstraeten, Editing in Spanish by José Muñoz)