RALLYE: 2011 Fourth Quarter Consolidated Net Sales
January 16 2012 - 11:15AM
Business Wire
Regulatory News:
Rallye Group
(Paris:RAL)consolidated net sales by business
segment
Consolidated net sales (€m) Q4 2011
Change QoQ 2011 Change YoY
Casino 9,512 +14.5% 34,361 +18.2% Groupe GO Sport 171 -6.0% 680
-0.4% Other* 3 16
Total Rallye Group
9,686 +14.1% 35,058 +17.7%
* Relative to holding activity and investment portfolio
During the fourth quarter of 2011, Rallye’s consolidated net
sales reached €9.7bn, up 14.1% compared to the fourth quarter of
2010.
Rallye’s consolidated net sales for year 2011 amounted to
€35.1bn, up 17.7% compared to 2010.
Casino: Strong growth in
fourth-quarter 2011 sales: 14.5%. Sustained organic
growth1 of 5%, mainly driven by continued
double-digit organic growth in International markets (up 10.6%).
For the year 2011, reported sales up 18.2% with an acceleration of
the organic growth excluding petrol: +5.7% in 2011 vs. +3.9% in
2010
Casino’s consolidated sales rose by a reported 14.5% in the
fourth quarter of 2011. Changes in the scope of consolidation had a
positive impact of 11.6%, mainly reflecting the external growth in
Thailand, Casino’s increased stake in GPA and the consolidation of
Casas Bahia by GPA. The currency effect was a negative 2%, petrol
had a 0.3% impact on the quarter, while the calendar effect was
slightly positive (0.6%). The 4.7% organic sales growth excluding
petrol for the fourth quarter was in the same trend as third
quarter’s performance (5.7%).
In France in the fourth quarter of 2011, organic growth
excluding petrol came to 0.2%. The convenience formats enjoyed
solid total sales growth, with sales up 2.3% at Monoprix, 0.5% at
Franprix (on an organic basis) and 1.2% at Casino Supermarkets
(excluding petrol). The Superettes’ sales were down 1.1%. Leader
Price’s same-store sales were almost stable (- 0.1%), representing
a satisfactory performance given the high basis of comparison
(+5.6% in the fourth quarter of 2010). Géant’s same-store sales
were down 2.4% excluding petrol, of which -1.8% in food and -5.8%
in non-food. Cdiscount continued to maintain a high growth level
(+13.8%). The French e-commerce leader hence confirms its growth
relay role in non-food sales at Casino’s level, with an increase in
cumulative sales of 2.8% (Cdiscount and Géant combined).
International operations continued to enjoy strong
organic growth excluding petrol (+10.5%), despite the exceptional
situation in Thailand. Latin America continued to post very solid
growth (11.7% on an organic basis excluding petrol), driven by a
sustained progression on a same-store basis (+9.8%). In Asia, sales
were down 0.3% on a same-store basis as the negative impact of the
floods in Thailand was partly offset by a sharp rise in Vietnam. On
an organic basis, sales in Asia were up by a strong 8.3%,
reflecting the significant contribution of expansion. Reported
international sales were 32.1% higher, mainly as a result of
changes in the scope of consolidation, and accounted for 48% of the
consolidated total in the fourth quarter (versus 42% in Q4
2010).
Groupe GO Sport:
Same-store sales rose by 0.4% over the course of 2011, despite a
disappointing fourth quarter performance for winter goods both in
France and Poland. Courir once again demonstrated its renewed sales
dynamic
Groupe GO Sport sales for year 2011 amounted to €680.4m, up 0.4%
on a same-store basis and at constant exchange rates.
In the fourth quarter of 2011, Groupe GO Sport consolidated net
sales reached €170.9m, down 4.8% on a same-store basis. The Group
mainly suffered from the disappointing performance of seasonal
goods and from the difficult beginnings of the winter season for
the whole market, due to particularly unfavorable weather
conditions both in France and in Poland.
In France, GO Sport banner sales were down 1.7% on a same
store basis compared to 2010. Q4 2011 sales were down 7.1% on a
same-store basis (-7.9% for total sales). Courir confirmed
its renewed sales dynamic with 2011 sales up 8.9% on a same-store
basis. In Q4 2011, sales were up 7.3% on a same-store basis,
demonstrating the relevance of Courir’s offer and the continued
attractiveness of its remodeled stores.
GO Sport Poland sales for 2011 were down 3.1% on a
same-store basis and at constant exchange rates, and down 18.3% in
Q4 2011, impacted by a very mild weather in December.
Conclusion
- With consolidated net sales up 18.2% in
2011, Casino achieved its objective and delivered an annual
sales growth over 10%. In France, Casino’s food market share is
stable in 2011, attesting to the fact that the Group’s banners
complement each other. Additionally, the growth of non-food
e-commerce remained strong. International operations represented
45% of total sales in 2011 (compared to 38% in 2010) and continued
to expand at a very fast pace.
- Groupe GO Sport, despite
unfavorable market conditions in 2011, pursued its action plans for
both GO Sport and Courir, based on greater offer and merchandising
differentiation, a reinforced relationship with its clients and
increased communication in partnership with brands.
- In Q4 2011, Rallye’s liquidity
situation has been strengthened by a lengthening of both bank
debt and credit lines’ maturity.
Calendar:
Friday March 9, 2012: 2011 annual results
presentation
For more information, please consult the
company’s website: www.rallye.fr
Appendix: Rallye 2011/2010 consolidated net
sales
(In € millions)
2011 2010
Variation First quarter: Casino 7,850 6,609 18.8%
Groupe GO Sport 158 164 -3.9% Other* 4 4 -
Total first
quarter 8,012 6,777 18.2%
Second quarter: Casino 8,294 6,980 18.8%
Groupe GO Sport 170 147 15.9% Other* 5 6 -
Total second
quarter 8,469 7,133 18.7%
First semester: Casino 16,144 13,589 18.8%
Groupe GO Sport 328 311 5.4% Other* 9 10 -
Total first
semester 16,480 13,910 18.5% Third
quarter : Casino 8,705 7,185 21.2% Groupe
GO Sport 182 191 -4.6% Other* 4 2 -
Total third quarter
8,891 7,377 20.5%
Fourth quarter: Casino 9,512 8,305 14.5% Groupe GO Sport 171
182 -6.0% Other* 3 3 -
Total fourth quarter 9,686
8,489 14.1% Second semester: Casino
18,217 15,489 17.6% Groupe GO Sport 353 372 -5.3% Other* 7 5 -
Total second semester 18,577 15,866
17.1% Year: Casino 34,361 29,078 18.2% Groupe
GO Sport 680 683 -0.4% Other* 16 15 -
Total year
35,058 29,776 17.7%
* Relative to holding activity and investment portfolio
1 Organic growth corresponds to growth based on a comparable
scope of consolidation and at constant exchange rates