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Casino (COFP; Secured PIK; NR/NR/B+) 1H Results

CONSUMER STAPLES
  • Net sales at €4.2b (-3.5% same stores) and seems to be dragged on by the e-commerce platform Cdiscount that had €468m (-19%).
  • Convenience brands were at €3.7b (-0.3%) within which banner Monoprix (largest) grew +0.8%. Others; Franprix +0.4% and Casino -3.8%. * Comments around weakness are focused on weather. Only profitable branch is Monoprix and ran a 0.7% EBIT margin.
  • EBIT was a €56m loss, FCF of -€413m, net debt of €1b.
  • Hard to know how much of the €2.6b loss under discontinued operations (up from a €2b loss last year) was from the Casino stores that it offloaded to ITM, Auchan and Carrefour. It also includes other holdings it has since sold under this (Assai, Grupo Exito & GPA).
  • Has the single 27s PIK outstanding.
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