Casino’s Q4 trading performance was broadly in line with our and the market’s expectations – French same store sales were 1.2% weaker but more than compensated by strength in the LatAm business. We note the revenue decline in the large store formats (supermarkets and hypermarkets) and softer growth in cash-cow banner Monoprix. The retailer needs to invest in pricing and promotions (in France) to reverse the market share erosion. We will reduce our financial estimates.
