Retailer Casinos shares rise as Q4 sales show resilience
Late on Thursday, Casino said revenue growth had slowed down slightly in the fourth quarter as anti-government protests in France impacted sales at its Geant hypermarkets, but Casino nevertheless kept its overall financial targets.
Shares in supermarket retailer Casino rose on Friday, as traders and analysts said the company`s fourth quarter sales had shown an element of resilience to the impact from anti-government protests in France.
Casino shares were up 3.9 percent in early session trading, helping to lift the shares of its domestic rival Carrefour which also rose around 2 percent.
Late on Thursday, Casino said revenue growth had slowed down slightly in the fourth quarter as anti-government protests in France impacted sales at its Geant hypermarkets, but Casino nevertheless kept its overall financial targets.
Fourth-quarter sales at Casino, which controls Brazil`s Grupo Pao de Acucar, reached 9.928 billion euros ($11.3 billion), above the 9.8 billion euros average in a consensus of 10 analysts` forecasts compiled by the company.
"No real surprises emerged from the company`s Q4 sales despite a slight beat. France has held up well despite disruption from protests," wrote investment bank Jefferies, which kept a "hold" rating on Casino.
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