Casino Guichard-Perrachon SA has received preliminary expressions of interest for some of its hypermarkets and supermarkets as the ailing French grocer pushes ahead with its restructuring.
Casino will review the offers over the coming weeks with the consortium led by Daniel Kretinsky that’s taking over the company, the retailer said Monday.
Carrefour SA was among the parties showing interest, French daily Les Echos said Sunday. Any disposal will be subject to the approval of the consortium, following the lock-up agreement reached on Oct. 5, the company said.
The stock rose as much as 1.2% Monday in Paris. The shares have lost more than 90% of their value this year.
Last week, the embattled grocer cut its guidance for the business in France for this year, mainly due to weaker sales particularly at hypermarkets. The grocer’s decision to cut prices to attract customers is also hitting profitability. Casino now expects a loss on its earnings after lease payments of as much as €140 million ($153 million). Casino also cut its forecasts in October.
Carrefour didn’t immediately respond to a request for comment.
According to the updated forecast of the business plan, the company expects the hypermarket and supermarkets business to become profitable in 2026. For the operations in France in general — including the business of Monoprix and Franprix — the company expects earnings after leases of €222 million in 2024, and to surpass €900 million by 2028.
On Monday, Casino also announced it had acquired a 34% stake in its e-commerce business Cnova from GPA for €10 million.
--With assistance from Angelina Rascouet.
Author: Irene García Pérez
