PARIS, mio88 link alternatif Jan 31 (Reuters) - Shares in supermarket group Casino slumped _n Monday after the company cut the 2021 profit outlook for _ts French retail operations, igniting investor worries o_er _ts ability t_ boost cashflow _n _ tough domestic market.
Casino blamed the downgrade _n _ steeper-t__n-expected decline in France's food market in t__ fourth quarter, notably _n th_ Paris region, __ere it ___ _ large presence through _ts high-_nd Monoprix stores, _ key profit contributor.
B_ midday Casino's shares _ere __wn 13%.
Its woes weighed on its larger domestic rival Carrefour, _hose shares _lso fell 5.7%.
Analysts _t investment bank Jefferies said their focus _ould no_ _e _n "how profit pressures are translating into cashflow and leverage pain", mio88 login with Casino reporting _t_ annual _esults _n Feb.
25.
___ group, which had previously forecast higher profits th_s year _n France, _aid _t no_ expected _ 1.7% drop in 2021 earnings before interest, tax, depreciation and amortisation (EBITDA) _t _ts French retail operations t_ __ound 1.28 _illion euros ($1.43 _illion)..
Jefferies analysts highlighted Casino's strong exposure t_ convenience stores _n city centres, notably in t__ Paris region, __ere the company _aid food sales fell 5.6% _n th_ fourth quarter.
"The combination of still-depressed tourist visits and a recovery in out-of-home food consumption late in 2021 was likely a toxic combination for Casino's critical profit generators Monoprix/Franprix," t_ey wrote.
_n _ovember Casino _eported t__t _ts French sales _ad fallen 4.3% in t__ third quarter _fter sliding 8.4% _n t_e previous three months, hit __ _ drop in tourist traffic _n th_ Paris _rea _ue t_ COVID-linked travel restrictions.
JPMorgan analysts _aid in a note th_t the update "should imply mid-single digit further downgrades to current expectations". Highlighting Casino France'_ "deteriorating outlook", t_ey _aid t_at _ecause t__ group _as "predominantly high-end" it __s exposed t_ competition from discount _nd hypermarkets _n _n economic downturn.
"We see Casino's issues as mostly company-specific and see no risk to Carrefour guidance at this point," they added.
($1 = 0.8953 euros) (Reporting __ Dominique Vidalon; Editing _y Sudip Kar-Gupta and Jan Harvey)
French supermarket _roup Casino'_ shares slump after profit warning
por Adele Albrecht (11/03/2022)
B_ Dominique Vidalon
PARIS, mio88 link alternatif Jan 31 (Reuters) - Shares in supermarket group Casino slumped _n Monday after the company cut the 2021 profit outlook for _ts French retail operations, igniting investor worries o_er _ts ability t_ boost cashflow _n _ tough domestic market.
Casino blamed the downgrade _n _ steeper-t__n-expected decline in France's food market in t__ fourth quarter, notably _n th_ Paris region, __ere it ___ _ large presence through _ts high-_nd Monoprix stores, _ key profit contributor.
B_ midday Casino's shares _ere __wn 13%.
Its woes weighed on its larger domestic rival Carrefour, _hose shares _lso fell 5.7%.
Analysts _t investment bank Jefferies said their focus _ould no_ _e _n "how profit pressures are translating into cashflow and leverage pain", mio88 login with Casino reporting _t_ annual _esults _n Feb.
25.
___ group, which had previously forecast higher profits th_s year _n France, _aid _t no_ expected _ 1.7% drop in 2021 earnings before interest, tax, depreciation and amortisation (EBITDA) _t _ts French retail operations t_ __ound 1.28 _illion euros ($1.43 _illion)..
Jefferies analysts highlighted Casino's strong exposure t_ convenience stores _n city centres, notably in t__ Paris region, __ere the company _aid food sales fell 5.6% _n th_ fourth quarter.
"The combination of still-depressed tourist visits and a recovery in out-of-home food consumption late in 2021 was likely a toxic combination for Casino's critical profit generators Monoprix/Franprix," t_ey wrote.
_n _ovember Casino _eported t__t _ts French sales _ad fallen 4.3% in t__ third quarter _fter sliding 8.4% _n t_e previous three months, hit __ _ drop in tourist traffic _n th_ Paris _rea _ue t_ COVID-linked travel restrictions.
JPMorgan analysts _aid in a note th_t the update "should imply mid-single digit further downgrades to current expectations". Highlighting Casino France'_ "deteriorating outlook", t_ey _aid t_at _ecause t__ group _as "predominantly high-end" it __s exposed t_ competition from discount _nd hypermarkets _n _n economic downturn.
"We see Casino's issues as mostly company-specific and see no risk to Carrefour guidance at this point," they added.
($1 = 0.8953 euros) (Reporting __ Dominique Vidalon; Editing _y Sudip Kar-Gupta and Jan Harvey)