July 27, 2017 / 6:18 AM / a year ago

UPDATE 1-Retailer Casino nudges up guidance as H1 profits rise

* Raises financial guidance

* Stronger results in France and Brazil (Adds detail, background)

PARIS, July 27 (Reuters) - Supermarket retailer Casino nudged up its full year financial guidance on Thursday as stronger results in its main French market and in Brazil boosted its first-half earnings.

Casino said it was now expecting growth above its targeted 15 percent in food retail trading profits in France, and also expected a contribution from its property development activities of around 60 million euros.

Reporting a 36 percent rise in first-half earnings before interest, tax, depreciation and amortisation (EBITDA) to 600 million euros ($705 million), Casino added it expected full-year growth of at least 20 percent in consolidated trading profit.

Trading profits in France, Casino’s biggest market, rose 43 percent from a year ago.

Earnings also improved in Brazil, which is Casino’s second-biggest market.

Casino controls Brazil’s top retailer Grupo Pao de Acucar . Signs of an improvement in the Brazilian market came this month when Casino’s French rival Carrefour listed shares in its Brazil unit.

$1 = 0.8516 euros Reporting by Sudip Kar-Gupta; Editing by Dominique Vidalon

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below