Casino: Very Strong 21.2% Growth in 2011 Third-Quarter Sales Driven by Operations in Emerging Markets, Which Now Account for 46% of Group Sales

Regulatory News:

Casino(Paris:CO):

Sustained organic growth of 6.3%

• Double-digit organic growth in South America and Asia
• In France, good performance by the convenience formats and strong growth in e-commerce

Consolidated net sales		Q3 2011 In € m		% change QoQ
				Reported		Organic(1)
Total Continuing operations		8,705		21.2%		6.3%
France		4,737		4.3%		2.3%
International		3,968		50.1%		13.1%

⁽¹⁾ Based on comparable scope of consolidation and constant exchange rates.

Group consolidated net sales rose by a reported 21.2% in the third quarter of 2011.

Changes in the scope of consolidation added 16.6%, reflecting external growth in Brazil and Thailand and increased interest in GPA.

The currency effect had a negative 1.7% impact, primarily due to the depreciation of the Colombian, Thai and Brazilian currencies against the Euro. Higher petrol prices added 0.6% to growth, while the calendar effect was virtually neutral both in France (+0.1%) and in international operations (+ 0.4%).

Organic growth excluding petrol		H1 2011		Q3 2011
Total Continuing operations		6.3%		5.7%
France		2.2%		1.2%
International		12.9%		13.0%

Organic growth continued at a sustained pace of 5.7% (excluding petrol), in line with the first-half trend.

Sales growth (+4.3%) in France

In France, sales were up 4.3% in Q3 2011 on a reported basis and 2.3% on an organic basis of which 1.2% excluding petrol. Casino Group food market share was stable, and non-food sales (Géant + Cdiscount) were up +1.5%.

• All the convenience formats saw an increase in organic sales excluding petrol (Monoprix +2%, Casino Supermarkets +1%, Franprix +0.9%, stable superettes) in a sign of their attractiveness to shoppers.
• Leader Price’s organic sales were up 3.7%, led by a 0.7% growth in same-store sales and a rising contribution from expansion.
• Géant continued to turn in a satisfactory performance in food (stable same-store sales), while market share held steady.
• Cdiscount’s organic sales again surged by 15.4%, after rising 14% in the first half. The company is confirming its strong momentum which enables to strengthen its leadership in non-food e-commerce in France.
• The very good Cdiscount’s performance enables the Group to grow cumulative non-food sales (Géant + Cdiscount) by 1.5%.

Strong organic growth (+13.1%) and buoyant operations in emerging markets

International operations continued to enjoy very high organic growth (13.1%), reflecting the powerful momentum of the Group’s banners in its four key countries (Brazil, Colombia, Thailand and Vietnam).

• Organic growth in South America was a very robust 13.6%, lifted by a sustained increase in same-store sales and assertive expansion by GPA in Brazil and Exito in Colombia.
• An acceleration in sales growth was confirmed in Asia, with organic sales up 15.3% (versus +10.9% in H1) on the back of a very good same-store performance by Big C in Thailand and continued remarkable growth in Vietnam.

Overall, international sales rose 50.1%, partly as a result of changes in the scope of consolidation, and accounted for 46% of the consolidated total versus 37% in Q3 2010.

Outlook

The Group is confident in its ability to deliver annual sales growth over 10% in the next three years.

It therefore confirms its 2011 targets:

• Strengthen market share in France, in particular by continuing to expand in the convenience and discount formats.
• Drive-up margin at Franprix-Leader Price.
• Maintain strong and profitable organic growth in international markets.
• Conduct disposals and capital increase programme of more than €1 billion.
• Maintain a net debt-to-EBITDA ratio of less than 2.2x at year-end.

*

* *

FRANCE

Sales in France rose 4.3% in Q3 2011. The scope effect coming from the consolidation of three Franprix-Leader Price franchisees is adding 2.0% and petrol sales another 1.1%.

Organic sales excluding petrol increased by 1.2%.

		Third Quarter
In € millions		2010		2011		% change		Organic growth excluding petrol
Net Sales, France		4,540.3		4,737.0		4.3%		1.2%
Franprix-Leader Price		933.0		1,044.4		11.9%		1.7%
Monoprix		446.3		455.5		2.1%		2.0%
Casino France		3,161.0		3,237.1		2.4%		0.8%
Géant Casino HM		1,440.7		1,463.1		1.6%		-1.2%
Casino SM		943.4		970.9		2.9%		1.0%
Superettes		426.8		426.9		0.0%		0.0%
Cdiscount& other activities		350.1		376.2		7.4%		8.5%

Same-store sales		3rd Quarter 2011
		% change		% change excluding petrol
Franprix		-3.0%		-3.0%
Leader Price		0.7%		0.7%
Monoprix		1.0%		0.9%
Géant Casino HM		+1.0%		-1.5%
Casino SM		-0.1%		-1.5%

• Franprix-Leader Price

Reported Franprix-Leader Price sales increased by 11.9%, reflecting the consolidation of three franchisees and expansion.

Franprix’s total organic sales were up +0.9%.Expansion continued on schedule, with 11 openings during the period for a total of 34 openings since the beginning of the year. Sunday afternoon closures continued to weigh on same-store sales, which were down 3.0%.

Total Leader Price organic sales, up 3.7%, benefited from a greater contribution from expansion, with 21 stores openings since 1^st of January. Same-store sales rose 0.7%. Leader Price’s market share has remained unchanged since the beginning of the year.

• Monoprix

Monoprix recorded a 2.0% (excluding petrol) increase in total sales of which a +0.9% rise in same-store sales. The performance was very satisfactory in the food segment. Non-food sales were impacted by earlier clearance sales. Concerning textile sales in particular, warm weather in September had a negative impact on fall winter apparel sales. Monoprix is pursuing its expansion in new formats with the opening of 5 Monop in 3^rd quarter.

• Casino France

Géant

Total sales were up 1.6%, while same-store sales excluding petrol were down 1.5% due to lower non-food sales.

Performance in the food segment was satisfactory with stable same-store sales, which validated the banner's commercial strategy, notably concerning promotions and loyalty programmes. Géant’s market share has remained stable since the beginning of the year.

Non-food sales were down 7.3%.In particular, September warm weather hurt apparel sales. Géant is continuing to deploy a strategy focused on selecting the most attractive categories of products, as well as multi-channel distribution (pick up of Cdiscount parcels weighing more than 30kg in Géant stores, distribution of Géant coupons on the Cdiscount site).

Cdiscount

Cdiscount continues to grow at a very fast pace, with organic sales up 15.4%. This performance reflects a successful combination of very competitive pricing policy and innovative sales initiatives. The leader in price image, Cdiscount is perceived as being 12% less expensive than the market (source OC&C). Home appliances and housewares continue to perform very well and the site is continuing to successfully develop new sections such as toys and jewellery.

Thanks to Cdiscount’s very strong sales level, total cumulative non-food sales by Géant and Cdiscount rose 1.5%.

The Group has stepped up deployment of its multi-channel strategy by extending distribution of parcels weighing more than 30 kg to 168 pick-up sites and introducing pick-up of packages weighing less than 30 kg in Franprix stores (65 stores as of end-September) hence bringing the total number of pick-up sites for parcels of less than 30 kg to 1,665.

The advertising sales platform and recently opened marketplace also offer Cdiscount new levers for growth.

Total sales from the other businesses (Cdiscount, Mercialys, Casino Caféteria and Banque Casino) were up 8.5% on an organic basis.

Casino Supermarkets

Total sales excluding petrol increased by 1.0%, while same-store sales declined by 1.5%.

6 stores were open since the beginning of the year. Market share was stable over the period and since the 1^st of January.

Superettes

The Superettes recorded stable sales. Implementation of initiatives to increase the banner’s appeal is continuing. 3 stores under the new "Casino shopping” concept had been opened as of end of September and a differentiated selection by outlet had been deployed across all the store base.

INTERNATIONAL

International sales increased by 50.1% in the third quarter.

Changes in the scope of consolidation added 41.6%, while the currency effect had a negative impact of -4.7%.

Organic growth remained very high in both South America and Asia, for a 13.1% gain overall.

Q3 2011 sales		Reported growth		Organic growth		Same-store growth
South America		56.5%		13.6%		10.8%
Asia		44.1%		15.3%		5.8%

Operations in South America recorded organic sales growth of 13.6% thanks to sustained same-store growth and expansion in Brazil as well as in Colombia.

- Same-store sales in Brazil were up 10.6%*.

In the food segment, GPA Food sales rose +8.9%*, lifted in particular by a very good performance from Assai and the supermarkets as well as the success in conversion of Sendas and Comprebem stores in Extra and Pão de Açùcar, which has been finalized.

In the non-food segment, Globex’s same-store sales (including from now on Casas Bahia from 1^st July 2010) were up +12.5%*. E-commerce activities continue to record a very high growth level.

Expansion continued, with six new stores opened during the quarter. Total sales increased by +55.9%* taking into account Casas Bahia sales.

- Organic growth in Colombia was again very strong, driven by sustained growth in same-store sales that reflects the effective sales strategy deployed by Exito. The store conversion programme is almost completed and expansion has been stepped up with the opening of six Exito Express stores, one supermarket and six Surtimax during the third quarter.

Exito’s capital increase, which was oversubscribed 2.6 times excluding Casino’s stake, was also a great success. Exito will now be able to accelerate its expansion plan on the Colombian market and finance the acquisition of Casino's majority interest in Disco and Devoto, making Exito the Group's development platform in Spanish-speaking Latin America.

In Asia, organic sales growth accelerated to 15.3% from 10.9% in the first half.

- In Thailand, Big C posted accelerated organic growth, reflecting a very satisfactory same-store performance and a higher contribution from newly opened stores. One hypermarket and one Big C Market were opened in the third quarter. Development of new formats moved forward at a faster pace, with 18 new Mini Big Cs and 7 Pure. Two new hypermarkets and two Big C Markets are slated to open in the fourth quarter.

Carrefour Thailand’s operations have been successfully integrated. The "One Company” target was met as of the end of June.

- Operations in Vietnam enjoyed another quarter of very strong organic growth, led by brisk same-store sales and a significant contribution from expansion. Two New Cho convenience stores were opened during the period. Expansion will accelerate in the fourth quarter with the opening of five hypermarkets, for a total of 19 hypermarkets and 18 shopping malls by the end of the year.

Operations in the Indian Ocean performed satisfactorily, with sales up 3.6% on an organic basis of which +2.8% on a same-store basis.

* GPA and Globex reported data.

Main changes in the scope of consolidation

• Consolidation of Casas Bahia by GPA, from 1 November 2010.
• Consolidation of Carrefour Thailand’s operations by Big C, from 7 January 2011.
• Full consolidation of three Franprix-Leader Price franchisees, from 1 February 2011.
• Deconsolidation of one Franprix-Leader Price franchisee, from 1^st of September 2011.
• Increased economic interest in GPA to 43.1% as of 30 September 2011 (vs 33.7% as of 30 September 2010).

		Third Quarter				% change
		2010 €m		2011 €m		in Euros		At constant exchange rate
FRANCE		4,540.3		4,737.0		4.3%		4.3%
Of which:
Franprix – Leader Price		933.0		1,044.4		11.9%		11.9%
Monoprix		446.3		455.5		2.1%		2.1%
Casino France		3,161.0		3,237.1		2.4%		2.4%
Géant Casino HM		1,440.7		1,463.1		1.6%		1.6%
Casino SM		943.4		970.9		2.9%		2.9%
Superettes		426.8		426.9		0.0%		0.0%
Other businesses		350.1		376.2		7,4%		7,4%
INTERNATIONAL		2,644.4		3,968.0		50.1%		54.7%
Of which:
South America		1,944,6		3,044.0		56.5%		61.1%
Asia		491,6		708.6		44.1%		51.2%
Other businesses		208,2		215.4		3.5%		3.6%
SALES FROM CONTINUING OPERATIONS		7,184,7		8,705.0		21.2%		22.9%

Average exchange rates		H1 2010		H1 2011		Var.%		9 months 10		9 months 11		Var.%
Argentina (ARS/EUR)		0.195		0.176		-9.5%		0.195		0.174		-10.9%
Uruguay (UYP/EUR)		0.038		0.037		-2.8%		0.038		0.037		-1.6%
Thailand (THB/EUR)		0.023		0.023		+1.7%		0.024		0.023		-0.3%
Vietnam (VND/EUR) (x 1000)		0.041		0.035		-14.2%		0.041		0.035		-15.1%
Colombia (COP/EUR) (x 1000)		0.386		0.388		+0.6%		0.397		0.390		-1.8%
Brazil (BRL/EUR)		0.419		0.437		+4.4%		0.427		0.436		+2.2%

APPENDICES

Store network

France		31 Dec 10		30 June 11		30 Sept 11
Géant Casino hypermarkets		125		127		127
Of which French Affiliates		6		8		8
International Affiliates		5		5		5
French Franchises		2
+ service stations		99		101		101
Casino supermarkets		405		409		414
Of which French Franchise/Affiliates		54		49		49
International Affiliates/Franchises		27		28		32
+ service stations		160		165		166
Franprix supermarkets		870		875		882
Of which Franchise outlets		515		371		373
Monoprix supermarkets		494		497		497
Of which Naturalia		49		50		50
Of which Franchise outlets/Affiliates		131		131		127
Leader Price discount stores		585		598		602
Of which Franchise outlets		294		159		247
Total supermarkets & discount stores		2,354		2,379		2,395
Of which Franchise outlets/Store		1,021		738		828
Petit Casino superettes		1,791		1,788		1,774
Of which Franchises		29		29		29
Casino Shopping superettes				1		3
Eco Services superettes		2		1		1
Of which Franchises		1
SUP Spar		928		947		956
Of which Franchises		761		765		770
SUP Vival Of which Franchises		1,767 1,766		1,806 1,805		1,810 1,809
SUP Casitalia et C* Asia		1		1		1
MAG Franchisés		1,260		1,213		1,209
Corners, Relay, Shell, Elf, Carmag		1,260		1,213		1,209
MAG Négoce		926		921		920
TOTAL Convenience Stores		6,675		6,678		6,674
Of which Franchises outlets/Stores		4,744		4,734		4,738
Other Affiliate stores		20		22		25
Of which French Affiliates		17		17		18
International Affiliates		3		5		7
Other businesses		287		281		285
Cafeteria		287		281		285
TOTAL France		9,461		9,487		9,506
Hypermarkets		125		127		127
Supermarkets		1,769		1,781		1,793
Discount		585		598		602
Superettes and other stores		6,695		6,700		6,699
Other		287		281		285

INTERNATIONAL		31 Dec 10		30 June 11		30 Sept 11
ARGENTINA		23		24		24
Libertad hypermarkets		15		15		15
Other businesses		8		9		9
URUGUAY		53		53		53
Geant hypermarkets		1		1		1
Disco supermarkets		28		28		28
Devoto supermarkets		24		24		24
BRAZIL		1,647		1,604		1,607
Extra hypermarkets		110		115		130
Päo de Açucar supermarkets		149		151		157
Sendas supermarkets		17		12		0
Extra Perto supermarkets		101		129		203
CompreBem supermarkets		113		82		0
Assai discount stores		57		59		59
Extra Facilsuperettess		68		67		67
Eletro, Ponto Frio		1,032		989		991
Of which Ponto Frio		506		456		454
Of which Casas Bahia		526		533		537
THAILAND		116		178		204
Big C hypermarkets		70		105		106
Big C supermarkets		2		10		11
Mini Big Csuperettes		15		25		42
Pure		29		38		45
VIETNAM		14		16		18
Big C hypermarkets		14		14		14
New Cho superettes				2		4
INDIAN OCEAN		50		51		53
Jumbo hypermarkets		11		11		11
Score/Jumbo supermarkets		21		21		22
Cash and Carry supermarkets		5		5		5
Spar supermarkets		7		8		8
Other		6		6		7
COLOMBIA		299		313		326
Éxito hypermarkets		73		74		76
Pomona, Carulla & Éxito supermarkets		112		124		128
Surtimax discount stores		54		59		65
Éxito Express & Carulla Express		22		40		46
superettes
Ley and others		38		16		11
TOTAL INTERNATIONAL		2,202		2,239		2,285
Hypermarkets		294		335		353
Supermarkets		579		594		586
Discount		111		118		124
Superettes		105		134		159
Other businesses		1,113		1,058		1,063

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