UPDATE 1-Retailer Casino says Brazilian business improving

miércoles 13 de julio de 2016 03:23 GYT

* Casino Q2 like-for-like sales up 3.8 pct vs 1.5 pct growth in Q1

* French Q2 like-for-like sales up 1.2 pct vs 2.9 pct growth in Q1

* Casino declines to comment on 2016 French goals (Adds details, CFO, analyst comments)

By Dominique Vidalon and Pascale Denis

PARIS, July 13 (Reuters) - French retailer Casino said on Wednesday its sales growth accelerated in the second quarter on an improving performance in Brazil, its second-largest market after France, where its consumer electronics business returned to growth.

In its core French market, Casino's performance suffered setbacks ranging from bad weather that hit clothing sales at Monoprix stores to strikes and floods.

The group, which saw its credit rating cut to junk status by Standard & Poor's in March, declined to say in a call with Reuters whether this would affect its annual target for a rise in profit and cash flow in France.

Casino, which controls Brazil's top retailer, Grupo Pao de Acucar, said second-quarter group sales reached 9.97 billion euros ($11.02 billion).

Stripping out acquisitions, currency effects and revenue on fuel, sales rose by 3.8 percent, a marked acceleration from the 1.5 percent growth seen in the first quarter.   Continuación...