02/28/2024 – 7:09
The French retail group Casino Guichard-Perrachon, controller of Grupo Pão de Açúcar (GPA) in Brazil, accumulated a net loss of 5.66 billion euros in 2023 amid the sale of assets and a financial restructuring, multiple times greater than the loss of 316 million euros recorded in 2022, according to a balance sheet published this Wednesday, 28. At around 5:15 am (Brasília time), Casino's shares dropped 13% on the Paris Stock Exchange.
At the end of December, Casino's debt totaled 6.18 billion euros, compared to 4.48 billion euros a year earlier.
Casino, which has more than 11,500 stores in France and Latin America, has been facing financial difficulties amid high debt and loss of market share in its home country. Last year, the group began negotiations with creditors in order to guarantee sufficient liquidity to keep operations running.
On Tuesday 27th, Casino announced that a restructuring plan to raise funds through a consortium led by Czech billionaire Daniel Kretinsky had been approved by the Paris Commercial Court.
Casino net sales fell 3.7% in 2023, to 9 billion euros. In the fourth quarter alone, sales fell by 4.6% annually, to 2.3 billion euros. *With information from Dow Jones Newswires.
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