UPDATE 2-Casino sees price cuts feeding through to 2015 sales growth

jueves 15 de enero de 2015 16:46 GYT
 

* Q4 sales 13.28 bln euros, up 3.1 pct like for like

* Revises down 2014 operating profit forecast to 2.22 bln euros

* CFO says bottom line to improve after French price repositioning (Recasts with CFO comment)

By Dominique Vidalon

PARIS, Jan 15 (Reuters) - French retailer Casino expects its domestic sales to improve further this year as it reaps the benefits of earlier discouning to build on fourth-quarter revenue growth that was bolstered by a resilient performance in Brazil.

Finance director Antoine Giscard d'Estaing said that the group had made a downward revision to its 2014 forecast for operating profit, hit by the price cuts and negative currency effects in Latin America, but that it had laid the foundations for a stronger 2015.

"In France we have completed our price repositioning. The big cycle of price investments is behind us, so we shall have a better top line," he told analysts.

Giscard d'Estaing said that Casino, which is due to report full-year earnings on Feb. 17, now expects 2014 operating profit to decline 5.9 percent year on year to 2.22 billion euros ($2.58 billion), down from the 2.34 billion euros forecast in October.

Casino, which controls Brazil's top retailer Grupo Pao de Acucar, posted fourth-quarter sales of 13.278 billion euros, in line with analysts expectations of 13.2 billion euros.   Continuación...