Casino: posts H1 2020 loss of E445m

(CercleFinance.com) - Casino posted Q2 2020 sales of 7,846 million euros, down 7.
5%.

Casino said that comparable growth reached +10.4%, driven by dynamic activity in France and Latin America, in an unprecedented context of the health crisis.

In the first half of 2020, the Group's consolidated sales reached 16,140 million euros, down 4.2% overall, up 9.4% on an organic basis and up 8.4% on a comparable basis.

Group EBITDA reached 1,066 million euros, up 4.0% excluding FX factors. Its underlying OP came in at 386 million euros, which management said was impacted by exceptional additional costs relating to Covid-19 (including -47 million euros of exceptional bonuses paid to employees across the entire group) and a negative FX effect of - 55 million euros.

The food retailer reported a consolidated net loss of 445 million euros over the period, against a loss of 226 million euros in H1 2019. The net loss from continuing operations amounted to 287 million euros, mainly due to 249 in extraordinary charges (mainly non-cash).


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