UPDATE 1-Casino's sales beat expectations as French business picks up

jueves 15 de octubre de 2015 06:22 GYT
 

* Q3 sales 10.684 bln euros vs estimates 10.56 bln euros

* France accelerates sales growth; Brazil, Thailand weigh

* Purchasing deal with Intermarche expanded, shares up 7 pct (recasts with CFO comments, shares, analyst)

By Dominique Vidalon

PARIS, Oct 15 (Reuters) - French retailer Casino's third-quarter sales beat market expectations and it said it was reaping the benefits of price cuts at its domestic business, which recorded its highest growth in more than four years.

The robust French performance helped counter weak consumer electronics demand in Brazil, its second-biggest market by revenue, and the effects of August bombings in Thailand. It was a rare piece of good news this year for Casino, where group profit fell 36 percent in the first half.

The company also announced an expansion of its joint purchasing deal with unlisted peer Intermarche to cover more products as it seeks to generate savings by buying in greater bulk.

It shares, which have fallen by about 30 percent in 2015, rose by as much as 9 percent on Thursday. They were up 7.03 percent at 1011 GMT.

Casino, which makes 55 percent of its sales in emerging markets and controls Brazilian retailer GPA, said third-quarter group sales were 10.684 billion euros ($12.3 billion).   Continuación...