Salute e Benessere
Casino Group: 2024 Full-Year Results
2024 FULL-YEAR RESULTS
After the 2024 transformation, the New Casino is now committed to implementing its convenience retail strategy
2024 Key figures
The Board of Directors held on 27 February 2025 approved the statutory and consolidated financial statements for 2024. The auditors have completed their audit procedures on the financial statements and are in the process of issuing their report.
Philippe Palazzi, Chief Executive Officer of Casino Group, said:
“2024 was a profound transformation year for Casino Group. Since the Group governance change on 27 March 2024, we have efficiently implemented our restructuring plan in accordance with the pre-determined timeline. These achievements enable us to start over with a solid foundation, with a more agile structure focusing on our convenience retail brands and innovative concepts. Streamlining our store network and being more selective in our choice of current and future franchisees will have a significant impact on improving our profitability. We have launched projects that hold significant future promise, such as the new Franprix and Naturalia concepts and the new design of Cdiscount brand platform, while investing in targeted price cuts to meet the expectations of our franchisees and consumers. Our partnership with Intermarché and Auchan, through Aura Retail, represents a strategic milestone to increase our competitiveness and our purchasing capacity with major food industry groups. Although the 2024 financial results remain impacted by the previous situation, we are now fully committed in implementing our Renouveau 2028 plan, which will make the new Casino the leading convenience retailer in France.”
2024 FOURTH QUARTER AND FULL-YEAR RESULTS
Net sales
Consolidated net sales for 2024 amounted to €8.5bn, down -2.6% on a same-store basis and down -5.4% as reported , after taking into account a -0.6-pt negative Cdiscount scope effect (Carya impact) and a roughly -2.2-pts negative effect of streamlining the convenience brand network.
Fourth-quarter 2024 net sales came to €2.2bn, down -1.8% on a same-store basis and down -4.7% in as reported , after taking into account a +0.6-pt positive calendar effect, a -0.6-pt negative Cdiscount scope effect (Carya impact) and a roughly -2.9-pts negative effect of streamlining the convenience brand network.
Convenience brands
Convenience brands (Monoprix, Naturalia, Franprix and Casino) reported a -1.2% decline in net sales on a same-store basis in Q4 2024 in a declining market .
E-commerce supported the trend , with Q4 sales up +7.5%. Online food sales were +0.7% higher, while Fashion & Home sales grew by a very strong +52%, attesting to the success of the redesign of the dedicated website.
Among all convenience brands, wholesale sales (sales to franchisees by convenience brand warehouses) accounted for 30.3% of net sales in 2024 .
Cdiscount
In the fourth quarter of 2024, following 2-year of transformation, Cdiscount renews with
overall same-store GMV growth,
rising by +2% vs. no change in Q3, a -9% decrease in Q2 and a -12% decrease in Q1.
Product GMV was up +3% in Q4 , thanks in particular to the sales and marketing spend included in Cdiscount's recovery plan launched in Q3 2024 and the solid Black Friday performance, reflecting (i) a +9% rise in Marketplace GMV in Q4 2024 (vs. +8% in Q3, -2% in Q2 and -4% in Q1) and (ii)
progress towards a recovery in direct sales GMV (-7% in Q4 vs. -12% in Q3, -26% in Q2 and -29% in Q1).
As expected, Cdiscount net sales (down -5% on a same-store basis ) continued to be affected by the assertive strategy of streamlining direct sales in favour of the Marketplace. In Q4 2024, Marketplace GMV accounted for 64% of product GMV (+4 pts vs. Q4 2023) with the sequential improvement observed since the beginning of the year continuing in the last three months (-21% in Q1, -17% in Q2 and -8% in Q3).
A streamlined store network
In 2024, action was taken to streamline the store network by closing 768 unprofitable outlets , 87% of which were operated by franchisees or under business leases (including 297 closed in Q4 2024), opening 266 stores , 98% of which are operated by franchisees or under business leases (including 52 opened in Q4) and converting 95 integrated stores to franchises or business leases (including 19 converted in Q4).
As of 31 December 2024, the number of outlets operated by franchisees or under business leases represented 85% of the Group's store network (vs. 83% at the end of 2023), including 48% of the Monoprix store network, 26% of the Naturalia store network, 71% of the Franprix store network and 94% of the Casino convenience store network.
Pricing policy and product range structure
Pricing policy:
All the convenience brands made targeted pricing investments in 2024 to support their customers' purchasing power.
Product range structure and private-label products:
The Group is working on the structure of its product range, with the objective of adapting it to each type of geographic market and customer. This has meant
stepping up product innovation and expanding local product ranges , with priority given to Made in France, alongside the
ranges of national brands and private-label products .
The convenience brands' sales of private-label products rose by +1.4% on a same-store basis in 2024 (+2.2% in Q4), driving an +88-bp increase in the private-label products' share of total sales in 2024 (to 24.8%) and a +123-bp increase in Q4 2024 (to 26.5%).
The private-label product strategy was redefined during the year to make the structure of the various labels simpler and more competitive, without affecting their positive features. This new private-label offer will be rolled out during 2025 to Monoprix, Franprix and the Casino brands and will meet consumer expectations for each product category (core range, organic, premium, value line, cross-category).
Development of new concepts
Cdiscount rolled out its new brand platform and identity on 24 June 2024, reflecting its promise to increase customers' purchasing power (attractive prices, ongoing promotional offers, display of price comparisons) and its social responsibility commitment (more sustainable consumption, increasing proportion of more responsible products).
Franprix: "Oxygène" concept launched
The concept was launched in June 2024 in close cooperation with franchisees and is tailored to the positioning of each store in one of the following three categories: “mini” (<300 sq.m), “complementary” (250 to 500 sq.m) or “traditional” (>450 sq.m). The aim is to roll out an optimised sales offer (deeper product range, improved retail space allocation, increased proportion of private-label products, differentiated promotional offers) and to encourage purchases just inside the entrance and in the checkout area, with a clearer one-way path guiding the customer around the store. The concept was trialled in eight stores in 2024, with very promising initial results.
Franprix is now planning to extend the concept to around 50% of its stores by 2028.
Naturalia: "La Ferme" concept rolled out
The brand continued to roll out the concept, which was launched in 2023. A further six stores were converted in 2024, raising the total to nine stores at year end. The aim of this concept is to better convey the offer's benefits and variety, and to support consumers more effectively by providing more explanations on the shelves (product origins and benefits). Retail space is organised around specific consumption moments (breakfast, snacks, etc.) and the stores are given a warmer atmosphere than traditional organic outlets. The brand is planning to roll out the concept to around 30% of its stores by 2028.
Monoprix: redesigned Fashion & Home website unveiled
The unveiling of the redesigned Fashion & Home website in February 2024 led to a sharp upturn in non-food e-commerce sales (+3% in Q2, +28% in Q3 and +52% in Q4), increasing the proportion of online non-food sales to 5.7% Q4 2024 (vs. 4.3% in Q4 2023).
Casino: launch of the pilot mobile grocery truck concept
Launched in 2024, Casino's pilot mobile grocery truck concept is designed to combat commercial and social isolation in rural and suburban areas. This project is in line with the Renouveau 2028 strategic plan and reaffirms Casino's commitment to a multi-faceted approach to retailing: facilitating access to everyday products (functionality), strengthening social ties (customer relationships) and revitalise areas and local life (emotional connection).
2024 FULL-YEAR RESULTS
In 2024, consolidated net sales amounted to €8.5bn , down -2.6% on a same-store basis and -5.4% in total after taking into account the -1.0-pt scope effect (including -0.4 pts for the convenience brands and -3.8 pts for Cdiscount) and the roughly -1.8-pt effect of the streamlining of the convenience brand network).
Group adjusted EBITDA came in at €576m (-24.7%), reflecting a margin of 6.8% (-174 bps).
Convenience brands
The convenience brands' adjusted EBITDA contracted by -€129m in 2024. The previous year's EBITDA was boosted by €20m in sponsorship credits (no additional sponsorship credits were recognised in 2024) and €23m in income recognised over the life of the contract between Monoprix and Getir/Gorillas (contract terminated in Q3 2023).
In addition to the impact of these non-recurring effects on the basis of comparison, the decline in adjusted EBITDA can be explained as follows:
Cdiscount
Adjusted EBITDA was down -€12m, with the slight improvement in gross margin only partly offsetting the higher costs, mainly in the shape of marketing spend, to support Cdiscount's revival strategy launched in Q3 2024, which is designed to strengthen the brand's identity and improve the value proposition to its customers.
Other
Lastly, the adjusted EBITDA of the other subsidiaries and the holding company (down -€77m) was heavily affected by the loss of cost synergies at the level of their head offices (-€45m) following disposal of the hypermarkets and supermarkets, taking into account the effects of the employment protection plans.
Group adjusted EBITDA after lease payments amounted to €111m (vs.€320m in 2023).
Consolidated trading profit was -€49m (compared with +€124m in 2023).
Other operating income and expenses represented a net expense of -€772m in 2024 (vs. -€1,157m in 2023) including (i) -€602m of asset impairment losses (mainly Franprix goodwill impairment for -€422m), and (ii)
-€81m in financial restructuring costs for 2024.
Net financial income
Net financial income stood at €3,073m in 2024 (vs. net financial expense of -€768m in 2023), including (i) €3,486m corresponding to the conversion of debt into equity and measurement of reinstated debt at fair value, (ii) net borrowing costs of -€233m, (iii) interest expense on lease liabilities for -€142m and (iv) the
-€19m cost of CB4X (Cdiscount).
Consolidated net profit (loss), Group share
Profit (loss) from continuing operations, Group share came out at positive €2,169m, compared with a loss of -€2,558m in 2023.
Net profit (loss) from discontinued operations, Group share , represented a loss of -€2,464m in 2024 (vs. a
-€3,103m loss in 2023) and concerned (i) the disposal of Éxito and the loss of control of GPA (-€2,352m including cumulative foreign currency translation adjustments), and (ii) discontinuation of the HM/SM business (-€56m).
Consolidated net profit (loss), Group share amounted to -€295m vs. -€5,661m in 2023.
Free cash flow before financial expenses – Continuing operations
In 2024, free cash flow stood at -€639m (-€748m in 2023) after payment of €153m in social security and tax liabilities placed under moratorium in 2023. Excluding this non-recurring amount, free cash flow would stand at -€486m (-€901m in 2023).
Financial position at 31 December 2024
Consolidated net debt stood at €1.2bn at 31 December 2024, an increase of +€163m from 30 June 2024 that was mainly due to the unwinding of working capital on disposal of the HM/SM business. It includes €0.3bn of Quatrim debt.
At 31 December 2024, the Group had cash and cash equivalents of €763m , of which €499m was immediately available .
Liquidity at 31 December 2024
At 31 December 2024, the Group had liquidity reserves of €1.5bn, including:
These amounts are immediately and fully available.
Covenant
It should be noted that, although the calculation is required by the loan documentation from Q1 2024, the covenant is indicative at this time (given the “holiday period”). The scope of the covenant test corresponds to the Group adjusted for Quatrim and, to a lesser extent, the subsidiaries Mayland in Poland and Wilkes in Brazil.
The Covenant net debt/Covenant adjusted EBITDA ratio stood at 11.73x at 31 December 2024, with the 2025 EBITDA forecasts to ensure compliance with the next test (ratio level to be met of 8.34x on 30 September 2025).
SIGNIFICANT EVENTS IN 2024
Renouveau 2028
The Group presented its “Renouveau 2028” strategic plan on 14 November 2024, detailing the recovery plan designed to restore the Group's financial health and transform it into the leading convenience store retailer.
A press release and a presentation of the plan are available on the Company's website.
Asset disposals
Sale of hypermarkets and supermarkets (HM/SM)
In 2024, the Group sold 366 stores:
Substantially all HM/SM activity has now been discontinued. The last two supermarkets operated by the Group are due to be sold in Q1 2025.
Total proceeds received in 2024 from the HM/SM disposals amounted to €1,773m (not including the €135m advance received in 2023).
The net impact of discontinuing HM/SM operations on the Group's cash position in 2024 was +€245m after taking into account -€641m from the unwinding of working capital.
As at 31 December 2024, the net amount remaining to be disbursed for these activities is estimated at €500m, mainly comprising (i) €250m for Employment Protection Plans and (ii) €150m in contract termination costs.
Sale of GreenYellow
On 28 May 2024, Casino Group announced that it had completed the sale of its residual 10.15% stake in GreenYellow to Ardian and Bpifrance for net cash inflow of €46m . Following this transaction, Casino Group no longer holds any stake in the capital of GreenYellow.
Real estate disposals
The Group disposed of €220m of real estate assets in 2024 , including €219m through Quatrim and its subsidiaries:
The proceeds of the sales carried out through Quatrim and its subsidiaries were used to reduce Casino Group's debt toward the bondholders of its subsidiary Quatrim, in line with applicable financial documentation. The nominal value of the Quatrim secured debt was reduced to €300m at end-2024.
In December 2024, Casino Group announced that it had signed commitments to sell two significant real estate portfolios, with these sales expected to be completed in H1 2025:
The two transactions will reduce Casino Group's debt toward the noteholders of its subsidiary Quatrim.
On 18 February 2025, the Group repaid €30m of the Quatrim secured debt, including €28.5m in principal and €1.5m in accrued interest on the repaid principal. As of 28 February 2025, the nominal amount of the Quatrim secured notes had been reduced to €272m.
Loss of control of Grupo Éxito and GPA
Sale of Grupo Éxito
On 26 January 2024, Casino Group announced that it had completed the sale of its 34% direct stake in Grupo Éxito to the Calleja group . GPA also tendered its 13% stake in Grupo Éxito to the sale. Casino Group collected gross proceeds of $400m from this transaction (€367m excluding fees as of the date of the sale ), while GPA received gross proceeds of $156m. At 31 December 2024, Groupe Casino no longer held any interest in Grupo Éxito.
Loss of control in GPA
The capital increase of BRL 704m (around €130m ) was completed on 14 March 2024, the date on which Casino Group lost control. Following this transaction, the Group holds 22.5% of GPA's capital (compared with 41% previously). This capital increase was accompanied by a change in the entity's governance.
New purchasing partnership – Aura Retail
On 23 September 2024, Intermarché, Auchan and Casino Group signed a long-term purchasing partnership with the creation of the Aura Retail alliance , offering purchasing partnerships between the three groups for a period of 10 years (see the press release):
Implementation of the CSR policy
Climate and resources
Responsible product range
Committed employer
Outreach and local roots
CSR targets for 2030
Employment Protection Plans (EPP)
On 24 April 2024, Casino Group launched a plan to reorganise its business following the sale of its hypermarkets and supermarkets, with 3,230 jobs positions losses expected.
Employment protection plan (EPP) agreements were negotiated and signed with the trade unions in the seven companies concerned and have been validated by the authorities since then.
The EPPs are currently being implemented and to date, around 90% of the employees whose jobs are being eliminated have been notified. Over 1,000 redundancies have been avoided thanks to voluntary redundancy and internal redeployment schemes. The Group's objective has been to keep forced redundancies to a minimum.
A provision for restructuring was recorded in the 2024 financial statements to cover the estimated costs of the EPPs. These costs form an integral part of the expenses relating to discontinued HM/SM activities.
Financial restructuring
All of the transactions provided for in Casino's accelerated safeguard plan and the accelerated safeguard plans of its relevant subsidiaries approved by the Paris Commercial Court on 26 February 2024 were implemented on 27 March 2024 :
Completion of the financial restructuring resulted in the transfer of control of Casino Group to France Retail Holdings (FRH), the Consortium's controlling holding company , which, to date, is set up by EP Equity Investment III (EPEI) and F. Marc de la Lacharrière (Fimalac) following the transfer by Trinity to EPEI of its 7.65% stake in FRH on 11 February 2025.
Reverse stock split and share capital reduction
Casino carried out reverse stock split transactions between 14 May and 13 June 2024, exchanging 100 existing shares for one new share.
Following the reverse stock split, Casino launched a share capital reduction on 14 June 2024 by reducing the par value of the shares issued from €1.00 to €0.01 per share.
At 31 December 2024, Casino's share capital amounted to 400,939,713 shares with a par value of €0.01 each, after the creation of new shares following the exercise of warrants in June.
APPENDICES – GROSS MERCHANDISE VOLUME
Gross merchandise volume by brand
APPENDICES – STORE NETWORK
Store network of continuing operations
BL: business lease
APPENDICES – ACCOUNTING INFORMATION
Consolidated income statement
Earnings (loss) per share
Consolidated statement of comprehensive income
(i) The change in the cash flow hedge reserve was not material in either 2024 or 2023
(ii) The €6,439m increase in this item in 2024 primarily resulted from the loss of control of GPA and Éxito representing €4,827m and €1,613m, respectively, along with the impact corresponding to the reclassification of the translation reserve of €1,574m and €778m respectively. The €581m increase in this item in 2023 primarily resulted from (a) the appreciation of the Brazilian real and Colombian peso representing €150m and €141m, respectively, offset by the depreciation of the Argentine peso representing -€165m and (b) the reclassification to profit (loss) of €453m after control of Sendas was relinquished
Consolidated statement of financial position
Consolidated statement of cash flows
APPENDICES – GLOSSARY
Same-store growth
Same-store net sales include e-commerce sales and sales of merchandise excluding fuel from stores open for at least 12 months. The figure is calculated at constant exchange rates excluding calendar effects.
Gross Merchandise Volume (GMV)
For convenience brands, gross merchandise volume corresponds to the total value of goods sold by all the integrated and franchised stores and the e-commerce sites, including VAT. For Cdiscount, gross merchandise volume corresponds to the total value of goods sold by the Cdiscount group's websites and by independent Marketplace vendors.
Adjusted EBITDA
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) is defined as trading profit plus recurring depreciation and amortisation expense included in trading profit.
Adjusted EBITDA after lease payments
Adjusted EBITDA after lease payments is defined as trading profit plus recurring depreciation and amortisation less lease payments (including lease payments where the underlying asset has suffered a prolonged decline in value, previously recorded under “Other repayments” in the statement of cash flows).
Trading profit
Trading profit is defined as operating profit before (i) items which, by definition, are not included in an assessment of a business unit's recurring operating performance, such as gains and losses on disposals of non-current assets, impairment losses on non-current assets, and income/expenses related to changes in the scope of consolidation and (ii) non-recurring items that would distort analyses of the Group's recurring profitability, (they are defined as significant items of income and expense that are limited in number, unusual or abnormal, whose occurrence is rare. Examples include restructuring costs and provisions and expenses for litigation and risks).
Free cash flow before financial expenses
Free cash flow before financial expenses corresponds to cash flow from operating activities as presented in the consolidated statement of cash flows, less net capex, rental payments subject to restatement in accordance with IFRS 16 and restated for the effects of the strategic disposal plan, conciliation and financial restructuring.
Net debt
Net debt corresponds to gross borrowings and debt including derivatives designed as fair value hedge (liabilities) and trade payables - structured programme, less (i) cash and cash equivalents, (ii) financial assets held for cash management purposes and as short-term investments, (iii) derivatives designated as fair value hedge (assets), and (iv) financial assets arising from a significant disposal of non-current assets.
Covenant
The covenant is defined as the ratio between 'covenant net debt' and 'covenant adjusted EBITDA'. The scope of the covenant test corresponds to the Group adjusted for Quatrim and, to a lesser extent, the subsidiaries Mayland in Poland and Wilkes in Brazil.
Covenant adjusted EBITDA
“Covenant adjusted EBITDA” or pro forma EBITDA (depending on the documentation) corresponds to adjusted EBITDA after lease payments relating to the covenant scope, excluding any impact of scope effects and pro forma restatements corresponding to future savings/synergies to be achieved within 18 months.
Covenant net debt
“Covenant net debt” corresponds to gross debt relating to the covenant scope (including borrowings from other Group companies by covenant companies), (i) plus financial liabilities which are, in essence, debt, (ii) adjusted for the average drawdown on the Group's revolving credit lines over the last 12 months (from the date of restructuring) and (iii) reduced by cash and cash equivalents of the entities in the covenant scope and by non-deconsolidating receivables relating to operating financing programmes reinstated as part of the restructuring.
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Disclaimer
This press release was prepared solely for information purposes, and should not be construed as a solicitation or an offer to buy or sell securities or related financial instruments. Likewise, it does not provide and should not be treated as providing investment advice. It has no connection with the specific investment objectives, financial situation or needs of any receiver. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. Recipients should not consider it as a substitute for the exercise of their own judgement. All the opinions expressed herein are subject to change without notice.
1 See definitions in the appendices on page 21
2 See definition in the appendices on page 21. Includes all lease payments, including onerous lease payments where the underlying asset has suffered a prolonged decline in value previously presented on the “Other repayments” line in the statement of cash flows. Data from 2023 have been restated:
€320m = €341m (reported in 2023) - €21m of onerous lease payments
3 See page 9
4 A change in the allocation of net sales was carried out starting in Q1 2024, consisting of allocating all ExtenC net sales (including the Group's international activities previously presented in the “Other” segment) to the “Casino” and “Franprix” segments. This reallocation stems from a move to present net sales by brand (and no longer by format) in line with the Group's new operational management methods. Data for 2023 have been adjusted accordingly to facilitate comparisons
5 Circana data: French FMCG-Fresh Produce net sales were down -0.5% in 2024 (down -1.7% in October, up +1.0% in November, down -4.0% in December 2024)
6 Distribution Casino France: an entity which grouped together Casino HM/SM and Casino convenience stores
The service level measures the percent availability of products on store shelves
8 Data published by Cnova, excluding same-store net sales (-5% contribution to Casino)
GMV (gross merchandise volume): gross sales including tax; overall same-store GMV: same-store data excluding Carya and Neosys (sold) as well as Géant and Cdiscount Pro (discontinued); product GMV: direct sales and Marketplace GMV (excluding B2C services, other revenues and B2B)
Deferred payment plan enabling customers to pay in four instalments
11 The new financing documentation defines available cash as cash and cash equivalents excluding the float and cash not held in the cash pool; at 31 December 2024, available cash corresponds to the cash held by Casino Finance, which operates the French companies' cash pool
12 The €1,380m amount of the reinstated Term Loan takes into account the fair value impact determined at the instrument's initial recognition date (27 March 2024), i.e., +€30m at 31 December 2024
13 See definition in the appendices on page 21
14 It should be noted that Casino Group received an advance payment in September 2023 in respect of these disposals
15 €45m net of costs
16 Based on a USD/EUR exchange rate of 1.0905 at 24 January 2024 (ECB)
17 Based on a BRL/EUR exchange rate of 0.1844 at 14 March 2024 (ECB)
18Casino Finance, Distribution Casino France, Casino Participations France, Quatrim, Segisor and Monoprix
19 €313m of these deferred items were reimbursed (€80m) owing to a cash pledge set up by the Group in favour of URSSAF in H2 2023. Of the €233m, €153m relate to continuing operations
20 Excluding restructuring costs directly attributable to Quatrim paid out of the Quatrim segregated account
21 Managed by Attestor Limited (Attestor)
22 Contribution to Casino
23 International affiliate convenience stores include Leader Price franchises abroad. Leader Price franchises in France are presented within discontinued operations
24 International affiliate convenience stores include HM/SM affiliates abroad. The six HM/SM stores in France are presented within discontinued operations
25 Other businesses include 3C Cameroun
26 In accordance with IAS 33.64, earnings per share have been adjusted to take account of capital transactions
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