{"id":146963,"date":"2023-10-26T07:03:00","date_gmt":"2023-10-26T11:03:00","guid":{"rendered":"https:\/\/www.onlinecasinosfinder.fr\/debt-ridden-retailer-casino-cuts-2023-profit-outlook-for-france\/"},"modified":"2023-10-26T07:03:00","modified_gmt":"2023-10-26T11:03:00","slug":"debt-ridden-retailer-casino-cuts-2023-profit-outlook-for-france","status":"publish","type":"post","link":"https:\/\/www.onlinecasinosfinder.fr\/debt-ridden-retailer-casino-cuts-2023-profit-outlook-for-france\/","title":{"rendered":"Debt-ridden retailer Casino cuts 2023 profit outlook for France"},"content":{"rendered":"<div data-testid=\"primary-image\" role=\"figure\" aria-describedby=\"primary-image-caption\">\n<figure>\n<div data-testid=\"Image\">\n<\/div>\n<p data-testid=\"Body\"><span>A logo of French retailer Casino is pictured outside a Casino supermarket in Nantes, France, February 2, 2023. REUTERS\/Stephane Mahe\/File Photo  Acquire Licensing Rights<\/span><\/p>\n<\/figure>\n<\/div>\n<div>\n<p data-testid=\"paragraph-0\">PARIS, Oct 26 (Reuters) &#8211; Debt-burdened retailer Casino (CASP.PA) slashed its 2023 earnings outlook for France, saying investments required to fund price cuts to boost customer traffic and volumes in its supermarkets and hypermarkets would weigh on profits.<\/p>\n<p data-testid=\"paragraph-1\">Casino said in a trading update for France that it now expected full-year EBITDA (earnings before interest, tax, depreciation and amortisation) after lease payments to be 100 million euros ($105.4 million) instead of the 214 million forecast in July.<\/p>\n<p data-testid=\"paragraph-2\">French retail sales fell 5.6% in the third quarter year on year on a same store basis, reflecting an 18.6% fall in hypermarket sales and an 11.5% fall in supermarket sales.<\/p>\n<p data-testid=\"paragraph-3\">Casino announced this month the finalisation of a deal to avert bankruptcy through a debt restructuring agreed with its main creditors, led by Czech billionaire Daniel Kretinsky.<\/p>\n<p data-testid=\"paragraph-4\">The deal involves a massive dilution for shareholders and will mark the end of a 30-year-reign for chief executive Jean-Charles Naouri, who controls the company via his Rallye holding (GENC.PA).<\/p>\n<p data-testid=\"paragraph-5\">Casino announced on Wednesday evening that a commercial court had agreed the start of an accelerated safeguard procedure allowing the group to implement the debt restructuring plan.<\/p>\n<p data-testid=\"paragraph-6\">($1 = 0.9491 euros)<\/p>\n<p data-testid=\"Body\">Reporting by Dominique Vidalon;<br \/>\nEditing by Sudip Kar-Gupta<\/p>\n<p data-testid=\"Body\">Our Standards: The Thomson Reuters Trust Principles.<\/p>\n<\/div>\n<p><a href=\"https:\/\/news.google.com\/rss\/articles\/CBMieGh0dHBzOi8vd3d3LnJldXRlcnMuY29tL2J1c2luZXNzL3JldGFpbC1jb25zdW1lci9kZWJ0LXJpZGRlbi1yZXRhaWxlci1jYXNpbm8tY3V0cy0yMDIzLXByb2ZpdC1vdXRsb29rLWZyYW5jZS0yMDIzLTEwLTI2L9IBAA?oc=5\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A logo of French retailer Casino is pictured outside a Casino supermarket in Nantes, France, February 2, 2023. REUTERS\/Stephane Mahe\/File Photo Acquire Licensing Rights PARIS, Oct 26 (Reuters) &#8211; Debt-burdened retailer Casino (CASP.PA) slashed its 2023 earnings outlook for France,<a class=\"excerpt-read-more\" href=\"https:\/\/www.onlinecasinosfinder.fr\/debt-ridden-retailer-casino-cuts-2023-profit-outlook-for-france\/\" title=\"ReadDebt-ridden retailer Casino cuts 2023 profit outlook for France\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":146964,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[45],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Debt-ridden retailer Casino cuts 2023 profit outlook for France - Online Casinos Finder | Fran\u00e7ais | French<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.onlinecasinosfinder.fr\/debt-ridden-retailer-casino-cuts-2023-profit-outlook-for-france\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Debt-ridden retailer Casino cuts 2023 profit outlook for France - Online Casinos Finder | Fran\u00e7ais | French\" \/>\n<meta property=\"og:description\" content=\"A logo of French retailer Casino is pictured outside a Casino supermarket in Nantes, France, February 2, 2023. 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