Casino has released its consolidated performance for Q3 FY23 (the French details were announced last week). GPA’s same store sales came in at +5.7% yoy, with all the banners ending in the green. As a positive, the Brazilian business gained market share and profit margin. The top line was again stronger than that of arch-rival Carrefour. We would not be surprised if GPA is also disposed by the new owners in future. Bearish recommendation maintained.
