Q1 2016 SALES
Accelerated growth in France and Latin America
- In France, good performance with +2.9% growth on organic basis and +1.5% on a same-store basis
- Géant Casino: +4.0%(1) of growth (same-store and organic) with positive non-food sales and continuous gains in market share
- Leader Price: continuous growth at +7.2% on organic basis and +4.5% on a same-store basis, with gains in market share
- Performance of the Group's other banners in line with Q4 2015
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- In Latin America, food sales up +8.3% on organic basis with a positive inflexion in Brazil (up +5.7% in Q4 2015)
- Exito (excluding Brazil): continuous accelerating growth with good performance in all countries
- GPA Food: net improvement in activity, with organic growth of +7.8%
- Via Varejo: more moderate downturn in sales
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- E-commerce: growth of gross merchandise volume (GMV) of +4.2% at constant exchange rates(2)
SALES TRENDS BY SECTOR
| BY SECTOR | Q4 2015/Q4 2014 change | Q1 2016/Q1 2015 change | |||||||
| in €m | Q4 2015 | Total growth | Organic growth | Same-store growth | Q1 2016 | Total growth | Organic growth | Same-store growth | |
| France Retail | 4,942 | +1.5% | +2.7% | +1.4% | 4,548 | +2.8% | +2.9% | +1.5% | |
| Latam Retail | 3,705 | -14.6% | +5.7% | +1.3% | 3,338 | -13.7% | +8.3% | +3.7% | |
| Latam Electronics | 1,286 | -36.1% | -14.8% | -15.2% | 1,090 | -34.6% | -12.7% | -11.8% | |
| E-commerce | 873 | -20.1% | -7.8% | -7.8% | 731 | -18.8% | -8.3% | -8.3% | |
| TOTAL GROUP | 10,807 | -12.3% | -0.2% | -2.5% | 9,707 | -10.6% | +1.5% | -0.7% | |
In Q1 2016, taking into account the Thailand sale that took place on March 21st, and that of Vietnam, which is currently in negotiation, the Asia segment as a whole is recognised under "discontinued activities". Consolidated sales have thus been retroactively restated at 1st January 2015 to exclude these activities for all the periods presented.
As of Q1 2016, sales were 9.7 billion euros, up +1.5% on an organic basis. They were affected by a negative foreign exchange effect of -14.3% and by a positive scope effect of +0.9%.
| NB: Organic and same-store changes exclude petrol and calendar effects
|
Q4 2015/Q4 2014 change | Q1 2016/Q1 2015 change | ||||||||
| BY BANNER | Q4 2015 | Total growth | Organic growth | Same-store growth | Q1 2016 | Total growth | Organic growth | Same-store growth | |
| Hypermarkets(1) | 1,258 | +0.3% | +2.7% | +2.8% | 1,083 | +2.9% | +3.8% | +3.8% | |
| of which Géant Casino | 1,187 | +0.5% | +3.0% | +3.0% | 1,022 | +2.9% | +4.0% | +4.0% | |
| Leader Price | 673 | +4.7% | +7.5% | +3.0% | 632 | +6.2% | +7.2% | +4.5% | |
| Monoprix | 1,127 | +3.0% | +2.8% | +0.1% | 1,050 | +3.3% | +2.3% | -0.4% | |
| SM Casino | 797 | -1.4% | -0.4% | 0.0% | 753 | +1.6% | +1.9% | +0.2% | |
| Franprix | 423 | -3.7% | -2.5% | +0.1% | 403 | -3.5% | -2.9% | +0.1% | |
| Convenience & Other(2) | 664 | +5.0% | +4.7% | +2.4% | 628 | +4.2% | +3.9% | +1.1% | |
| o/w Convenience | 335 | +7.1% | +5.9% | +6.1% | 342 | +4.9% | +4.2% | +2.3% | |
| FRANCE RETAIL | 4,942 | +1.5% | +2.7% | +1.4% | 4,548 | +2.8% | +2.9% | +1.5% | |
In France total sales were €4,548m, up +2.9% on an organic basis and +1.5% on a same-store basis in Q1 2016. Traffic was up +0.8%. Market share in France rose +0.1 pt over the last Kantar P03 period.
· At Géant Casino, whose sales continue to grow at +4.0% on a same-store basis, non-food sales are now positive and up +1.8% on a same-store basis. The banner continues to gain market share: up +0.2pt over the last Kantar P03 period.
· Leader Price posted steady sales growth of +7.2% on an organic basis and +4.5% on a same-store basis. The franchise development is growing steadily (191 stores transferred in total since Q2 2015). The banner posted an increase in market share: +0.1pt over the last Kantar P03 period.
· Monoprix posted strong performance with organic sales up +2.3%, boosted by dynamic expansion (gross opening of 80 stores since Q2 2015). Food sales were virtually stable over the quarter, and performance satisfactory for Household and Leisure on a same-store basis.
· Same-store sales at Supermarchés Casino are positive. Traffic was up, driven by the new loyalty programme and the success of promotional operations. Organic growth was boosted by the opening of 5 new integrated stores and the affiliation of 6 new franchises since Q2 2015.
· Sales at Franprix are positive on a same-store basis with a sequential improvement in traffic. Organic and published sales are still affected by the stores disposal requested by the French Competition Authority, transfers to other banners and franchises (in total 60 stores were transferred to franchises since Q2 2015).
· Same-store figures for Proximity now include a majority of Leader Price Express stores more than one year old. Total growth is being driven by strong performance by franchises, with the opening of 306 stores since Q2 2015.
| (1) Including Géant Casino and mainly the business of the four Codim stores in Corsica |
- Latam Retail
Food sales in Latin America are up compared to the previous quarter, +8.3% on an organic basis and +3.7% on a same-store basis (vs +5.7% and +1.3% respectively in Q4 2015).
· Growth at Exito Group (excluding the effect of consolidating GPA's sales) was still accelerating in Q1 2016, driven by Colombia, as well as Uruguay and Argentina.
Exito will publish its Q1 figures in full on 25 April 2016.
· Food sales in Brazil (GPA Food) improvement was marked, up +7.8% on an organic basis and +2.2% on a same-store basis. Assaí continues to enjoy very good performances with sales up +36.2% on an organic basis, driven by same-store sales and very dynamic expansion. Traffic is up on Q4 2015. Multivarejo posted stronger sales at Pão de Açúcar and at its convenience formats, with gains in market share. Extra began posting stronger sales under the first effects of its relaunched sales policy and renovations.
GPA provided a detailed report on its Q1 sales on 12 April 2016.
- Latam Electronics
The decline in sales at Via Varejo slowed in Q1 2016 (-11.8% vs -15.2% in Q4 2015 on a same-store basis) due to more competitive prices and more effective promotions. The banner is continuing its closures of underperforming stores. In addition, Via Varejo is further innovating by deploying "mobile stores" and renewing its furniture line.
Via Varejo provided a detailed report on its Q1 sales on 12 April 2016.
Total sales in Latin America were hit by a strong negative currency effect.
- E-commerce
Cnova's gross merchandise volume (GMV) totalled €1,138m, up +4.2% at constant exchange rates, driven by Cdiscount's activity. In France, Cdiscount's GMV rose +18.3% with sales up +15.3%(1). Market share in France(2) rose 1.5 points in February 2016. Growth in the marketplaces remains high and their share of GMV reached 24.2% in Q1 2016 vs 16.7% in Q1 2015.
Cnova provided a detailed report on its Q1 sales on 13 April 2016.
| E-COMMERCE (CNOVA) | Q1 2015 | Q1 2016 | Growth total | Growth at constant exchange rates |
| GMV(3) including tax | 1,222.0 | 1,137.9 | -6.9% | +4.2% |
| Traffic (visits in millions) | 422.8 | 492.8 | +16.6% | |
| Active customers(4) (in millions) | 14.2 | 14.6 | +3.0% | |
| Units sold (in millions) | 15.7 | 16.5 | +5.3% |
| (1) Figures provided by the subsidiary |
***
APPENDICES
Details and sales trends in Q1 2016
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 Disco at 1 January 2015
- Restatement of activity in Asia
Exchange rates
| average exchange rates | Q1 2015 | Q1 2012 | Currency effect |
| Argentina (EUR/ARS) | 9.74466 | 15.95312 | -38.9% |
| Uruguay (EUR/UYP) | 27.86630 | 34.74340 | -19.8% |
| Colombia (EUR/COP) (x 1000) | 2.78160 | 3.58854 | -22.5% |
| Brazil (EUR/BRL) | 3.22363 | 4.30405 | -25.1% |
Period-end store network
| FRANCE | 30 Sept. 2015 | 31 Dec. 2015 | 31 March 2016 | |||||
| Géant Casino Hypermarkets | 127 | 128 | 129 | |||||
| o/w French Affiliates | 7 | 7 | 7 | |||||
| International Affiliates | 10 | 11 | 12 | |||||
| SM Casino | 440 | 441 | 445 | |||||
| o/w French Franchised Affiliates | 60 | 60 | 64 | |||||
| International Franchised Affiliates | 33 | 33 | 33 | |||||
| Monoprix | 656 | 698 | 709 | |||||
| o/w Franchises/Affiliates | 188 | 197 | 200 | |||||
| Naturalia | 107 | 126 | 133 | |||||
| Naturalia franchises | 3 | 3 | 4 | |||||
| Franprix | 857 | 867 | 851 | |||||
| o/w Franchises | 322 | 350 | 366 | |||||
| Leader Price | 836 | 810 | 790 | |||||
| o/w Franchises | 173 | 263 | 339 | |||||
| Total Supermarkets and Discount | 2,789 | 2,816 | 2,795 | |||||
| Convenience | 6,956 | 6,916 | 6,899 | |||||
| Other businesses (Cafeterias, Drive.) etc.) | 620 | 621 | 646 | |||||
| Indian Ocean | 135 | 146 | 149 | |||||
| TOTAL France | 10,627 | 10,627 | 10,618 | |||||
| INTERNATIONAL | 30 Sept. 2015 | 31 Dec. 2015 | 31 March 2016 | |||||
| ARGENTINA | 27 | 27 | 27 | |||||
| Libertad Hypermarkets | 15 | 15 | 15 | |||||
| Mini Libertad mini-supermarkets | 12 | 12 | 12 | |||||
| URUGUAY | 61 | 65 | 66 | |||||
| Géant Hypermarkets | 2 | 2 | 2 | |||||
| Disco Supermarkets | 29 | 29 | 29 | |||||
| Devoto Supermarkets | 24 | 24 | 24 | |||||
| Devoto Express mini-supermarkets | 6 | 10 | 11 | |||||
| BRAZIL | 2,164 | 2,181 | 2,126 | |||||
| Extra Hypermarkets | 137 | 137 | 137 | |||||
| Pao de Açucar Supermarkets | 184 | 185 | 185 | |||||
| Extra Supermarkets | 199 | 199 | 194 | |||||
| Assai (discount) | 88 | 95 | 96 | |||||
| Mini Mercado Extra mini-supermarkets | 301 | 311 | 301 | |||||
| Casas Bahia | 715 | 760 | 745 | |||||
| Ponto Frio | 301 | 254 | 233 | |||||
| Drugstores | 157 | 157 | 157 | |||||
| + Service stations | 82 | 83 | 78 | |||||
| COLOMBIA | 1,567 | 1,668 | 1,632 | |||||
| Exito Hypermarkets | 81 | 85 | 85 | |||||
| Exito and Carulla Supermarkets | 153 | 163 | 163 | |||||
| Super Inter Supermarkets | 58 | 58 | 58 | |||||
| Surtimax (discount) | 1,169 | 1,248 | 1,214 | |||||
| o/w "Aliados" | 1,019 | 1,095 | 1,062 | |||||
| Exito Express and Carulla Express mini-supermarkets supermarkets | 105 | 113 | 111 | |||||
| Other | 1 | 1 | 1 | |||||
| TOTAL International | 3,819 | 3,941 | 3,851 | |||||
ANALYST AND INVESTOR CONTACTS
Régine Gaggioli - Tel: +33(0)1 53 65 64 17
rgaggioli@groupe-casino.fr
or
+33(0)1 53 65 24 17
IR_Casino@groupe-casino.fr
GROUP EXTERNAL COMMUNICATIONS DEPARTMENT
Aziza Bouster
Tel: +33(0)1 53 65 24 78
Mob: +33(0)6 08 54 28 75
abouster@groupe-casino.fr
