Casino: BarCap expects 'mixed performances in France'

(CercleFinance.com) - Barclays Capital (BarCap) has confirmed its "underweight" rating on the Casino stock, maintaining its target price of 30 euros, before the food retailer's Q3 trading update, with the broker expecting "mixed performance in France".


"We believe Casino's 3Q sales performances in France benefited from a positive environment in July and August (e.g. World Cup impact, good weather conditions and positive inflation for fresh produce), but consumption trends seemingly weakened in September," the broker says.

Therefore, like-for-like sales growth (excluding calendar effects and fuel) has, according to the broker, accelerated sequentially at Franprix (+2.4%), supermarkets (+2%) and at Monoprix (+1.7%), although it has decelerated at Géant Casino hypermarkets (+1%) and Leader Price (-1.4%).



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