Casino Group FY21 net loss narrows, net sales down

(RTTNews) – French retailer Groupe Casino (0HB1.L, CGUIY.PK) announced on Friday that the consolidated net loss Group share for the 2021 financial year amounted to 530 million euros, less than the loss of the previous year of 890 million euros.

Net loss from continuing operations, Group share, amounted to €275 million, compared to a loss of €374 million in 2020.

Underlying net income from continuing operations, Group share, amounted to 94 million euros, compared to 266 million euros a year ago. Underlying earnings per share were 0.54 euros, while last year’s earnings were 2.15 euros per share.

In 2021, consolidated net sales amounted to 30.5 billion euros, down 4.3% compared to 31.91 billion euros a year ago. Sales slightly decreased by 0.8% at constant exchange rates, while they slightly increased by 0.1% on an organic basis.

On a 2-year pre-pandemic basis, sales increased 6.9% at constant exchange rates.

EBITDA amounted to 2.53 billion euros, down 4.7% at constant exchange rates.

In the fourth quarter, net sales amounted to 8.34 billion euros, stable compared to last year. Same-store growth was -0.4% year-on-year and +7.7% year-on-year.

Additionally, the company said it now aims to complete the last €1.3 billion of its €4.5 billion disposal plan in France by the end of 2023.

In order to favor debt reduction, the Board of Directors will propose to the 2022 General Meeting not to pay a dividend in 2022 for 2021.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Ann J. Cox