Casino - comment

Casino held a brief conference call this morning with the full release of their Q2 numbers. There has already been plenty written on the back of the numbers with headline numbers already published. We highlight the impact of the financial uncertainty and conciliation process on working capital, with €803m of working outflow related to losses from operating financing. 

Performance of EIBTDA after leases at the French perimeter can be split simply between Monoprix and France flat H1 23 versus H1 22 (on the back of 3.6% same-store change in sales) and the performance of the Hypermarkets and Supermarkets continue to deteriorate with c.15% decline in same-store sales and EBITDA after leases at negative €325m versus €39m positive the prior year. There is some marginal improvement in Hypermarket and Supermarket performance on a week-by-week basis, but it will take some time for recovery to take place.