Casino Guichard-Perrachon Adjusts Prices to Overcome Competition

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Casino Guichard-Perrachon, a French grocer, has revised its earnings forecast for 2023 due to the need to lower prices in order to regain traction in a highly competitive market.

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Revised Earnings Forecast

The company announced that its earnings before interest, taxes, depreciation and amortization (EBITDA) after lease payments for 2023 will be below the previously expected level of €100 million ($105.7 million). This is a downward revision from the previous forecast of €214 million.

Increasing Debt Levels

Casino also revealed that its net debt as of September 30th has risen by approximately €200 million since June 30th, reaching a total of €5.6 billion.

Liquidity Situation

As of the end of September, Casino reported liquidity in France amounting to €1.3 billion.

Third Quarter Performance

In the third quarter, the company recorded an EBITDA of €136 million for its operations in France. However, after lease payments, Casino posted a quarterly EBITDA loss of €12 million.

Declining Sales

Net sales at the company’s French retail operations experienced a decline of 6.5% in the quarter, amounting to €3.40 billion. On a same-store basis, sales were down 5.6%.

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