French retailer Casino posted a marginal rise in its quarterly net sales on Thursday, supported by growth in domestic and Latin American markets against an inflationary backdrop.
The group is banking on an expansion of convenience stores located in city centres and its focus on e-commerce, notably home delivery through partnerships with Ocado (LON:OCDO) or Amazon (NASDAQ:AMZN).
"If we take an average since the beginning of the year, we have opened a Franprix every two days and a Casino convenience store every day," Lubek said.
"All this is done (...) without significant investment because these are openings with franchisees," he added.
It added that it launched a study to potentially sell a part of its stake in Brazilian cash-and-carry chain Assai for about $500 million, an amount which could be increased, depending on market conditions.
Peer Carrefour (EPA:CARR), Europe's largest food retailer, raised on Wednesday its cash-flow target for this year as sales growth accelerated in the third quarter, fuelled by the firm's core French market.
Source: Investing.com
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