UPDATE 1-Casino sales slow on Brazil, French hypermarkets improve

lunes 14 de abril de 2014 14:49 GYT

* Q1 sales 11.295 bln euros, up 6.6 pct like-for-like

* French hypermarket sales up 0.1 pct in Q1 vs 2 pct decline in Q4

* CFO sees no urgency for CDiscount IPO (Adds CFO comments, details, background)

By Dominique Vidalon

PARIS, April 14 (Reuters) - Retailer Casino said sales growth slowed in the first quarter, held back by top market Brazil, where it is seeking to lure shoppers from rivals Carrefour and Wal-Mart with lower prices.

Casino said on Monday that it saw a further improvement at its French hypermarkets, with sales returning to growth at its Geant stores as it continued to benefit from previous price cuts.

But sales at its LeaderPrice discount stores fell 9 percent. These are still in the early stages of resetting prices, which Casino expects to bear fruit in the second half of the year.

"The bulk of the price repositioning at Geant has now happened...we are confident that in the second quarter the improvement in Geant sales will be more evident," Finance Director Antoine Giscard d'Estaing told analysts.

He also said that Casino's online discounter, CDiscount, had the capacity to grow by itself and that there was "no urgency" for an initial public offering of the unit.   Continuación...