Increased market share in its domestic market boosted French food retailer Casino's results for the first half of the year. Casino said its net profits rose by 19% in the six month period, reaching some 177.5m [euro] compared to 149.4m [euro] in the same period last year.

Casino reported operating profit up by 13% to 401.5m [euro] compared to 356.2m [euro] last year. The strong performance on its home soil underlined Casino's confidence in its Franprix Leader Price stores which recorded growth of 31%, and the French concern said it would open a further 30 Leader Price stores this year.

Casino also said it has plans to open three new hypermarkets in France by the year-end.

Internationally, Casino the group faired less well, with its US business hit by the "weaker economy" and its Polish business was affected by the increased competition. In Latin America, Asia and Oceania, Casino described its performance as "satisfactory".

Casino, which earlier this year agreed to take a 38.6% slake in the troubled Dutch food retail business Laurus, which has also released its half-year results (see p15), also announced the sale of eleven shopping malls in Poland.

The sale will take place through its Polish real estate subsidiary Domy Towarowe Casino. The malls are being acquired by GE Capital Real Estate and Heitman Central Europe Property Partners.

Casino first-half results (m [euro])

                           H1 2002      H1 2001

Net profit                   177.5        149.4
Revenue                     11 030       10 370
Operating profit             401.5        356.2

Source: Casino

COPYRIGHT 2002 Agra Europe Ltd.
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