Casino published early this morning its turnover for the 4th quarter of 2022 (and therefore for the whole year). As often… two atmospheres. The fiesta in South America, the grimace soup in France. Overall, the group’s turnover increased by 10% (of which 5% on a comparable basis) to 33.6 billion euros. Not bad ! But it is obviously in the geographical detail that we have to look: when the South American activities continue to develop at a good pace (+ 23% and + 12% on a comparable basis), France is still struggling (– 1 .7% and – 2.6%). Here again, we need to detail… This time by brand. Proximity maintains the rhythm, Monoprix and Franprix save the furniture (by integrating inflation of course into the analysis) while hypermarkets/supers literally plunge, sanctioning a commercial policy clearly rejected by customers (we’ll have to call a cat a cat…). In Q4 – and despite historic inflation which should support turnover – sales fell by 6% in hypermarkets and 4% in supers. This induces a collapse in volumes (which I had implied here as early as last week). In fact, unthinkable that it lasts. Commercial inflection expected. Emergency. And with or without Teract…
