Casino’s Q3 19 performance was slightly below our expectations. While LatAm remained strong, the French premium banners once again struggled to remain in the black (same store sales basis). Management’s reasoning of a tougher comparable base answers our apprehensions partially. Having said that, we remain confident in Casino’s capability to achieve its near-term guidance – French performance and debt reduction. We will tweak our estimates slightly downwards.
22 Oct 2019
French sales below expectations; turnaround performance on track

