PARIS, July 13 (Reuters) - French supermarket retailer Casino said sales growth accelerated slightly in the second quarter, reflecting an improvement at its Geant hypermarkets in France, and reported a resilient performance at its recession-hit Brazilian market.
Casino, whose credit rating was cut to junk by Standard & Poor’s in March 2016 and which has been criticised by U.S. activist fund Muddy Waters, is under pressure to show it can revive profits in France while conditions in Brazil stay tough.
Casino, which controls Brazil’s top retailer Grupo Pao de Acucar, said second-quarter group sales reached 9.277 billion euros ($10.6 billion), above the 9.173 billion euros average in a company-compiled consensus of analysts’ forecasts.
Stripping out acquisitions, currency effects and revenue on fuel, sales rose 3.3 percent against 3.1 percent growth seen in the first quarter.
$1 = 0.8739 euros Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta