|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||44.52 - 45.90|
|52 Week Range||41.60 - 78.75|
|Beta (5Y Monthly)||0.69|
|PE Ratio (TTM)||11.57|
|Earnings Date||Feb 26, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||93.75|
French government attempts to convince top global business that the country remains a great investment destination despite the longest-ever transport strike.
(Bloomberg Opinion) -- French supermarket operator Casino Guichard Perrachon SA has been a favorite plaything for short-selling hedge funds. So for its recovery to take two steps backward is a blow for the group and its chief executive officer, Jean-Charles Naouri.The owner of the Monoprix and Franprix chains looked as if it was gradually getting out of the woods, with Casino making a series of disposals and completing a refinancing, and its parent Rallye SA attempting to work through its 2.9 billion euros ($3.2 billion) of net debt after entering a creditor protection program last year.But things are never so straight-forward for the two companies, which are inextricably tied. (Rallye is Naouri’s investment vehicle.) Now a profit warning, together with some bondholders rejecting Rallye’s plan to repay 1.6 billion euros of debt over 10 years, throw into question Casino’s nascent recovery.The retailer on Thursday halved its forecast for the expansion in trading profit in 2019 to 5%, after fourth-quarter retail sales were worse than expected. Strikes in France during the crucial holiday shopping period shaved about 2% off of its fourth-quarter sales. It wasn’t alone. Fnac Darty SA, which sells books, music, electronics and home appliances, also said the unrest over a proposed pension overhaul hurt its revenue. But Casino shares fell as much as 13%, the most in more than a year, indicating that investors weren’t convinced the problems are confined to the disruption.While both Casino and Rallye were saddled with debt, the underlying French business has been in acceptable shape, with exposure to faster growing segments such as convenience stores. If this stability is now under threat, that is a concern, not just for Casino’s progress, but Rallye’s restructuring too.Bondholders rejecting Rallye’s plan — with the company failing to win support in four out of five euro-bond classes — is a sign the coast isn’t yet clear on that front either. But the vote isn’t binding on the Paris court that’s set to rule on the plan by the end of March.However, the profit warning doesn’t make the situation any easier. First, Rallye’s main asset is its 52% holding in Casino, so a weaker share price might make creditors, particularly the banks, feel less comfortable with the plan. Second, the revised profit guidance makes it even more difficult for Casino to generate cash to pay the dividends to Rallye that are necessary for the group to reduce its own borrowings.Casino has said that it will not make a distribution this year. After that it can make a payment, but its ability to do so will be capped by the terms of its recent refinancing. There could be special dividends from a sale of the Leader Price discount chain to Aldi, which is being discussed, or offloading assets in Latin America, but returning to regular pay-outs looks even more challenging.Of course the share price decline may have another effect: Making a takeover of Casino more likely. Rivals in France’s highly competitive supermarket industry, such as Carrefour SA, have a duty to a look to see if they can make hay from the retailer’s misery. Casino also has an online partnership with Amazon.com Inc. It’s also worth watching what Czech billionaire Daniel Kretinsky and his partner Patrik Tkac have up their sleeves after they acquired a 4.6% stake in Casino last year.But until any suitor shows their hand, Casino investors and bondholders face the prospect of a long, drawn out grind toward better times. As for short sellers, they get another spin of the wheel.\--With assistance from Marcus Ashworth.To contact the author of this story: Andrea Felsted at firstname.lastname@example.orgTo contact the editor responsible for this story: Melissa Pozsgay at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Shares in two of France’s biggest retailers fell sharply on Friday, as public sector strikes that have caused gridlock in Paris and other major cities weighed on earnings over the festive season. Sprawling supermarket group Casino fell more than 10 per cent in early trading, leaving it on track for its worst day since 2015, while electronics retailer Fnac Darty fell 11 per cent. In a trading update after the market closed on Thursday, Casino halved its forecast for earnings growth in its domestic market to 5 per cent in 2019, down from a previously guided 10 per cent. Sales growth at the division was flat in the fourth quarter at €4.2bn.
French retailers Casino and Fnac Darty both blamed public sector strikes for poor fourth quarter sales and lower profits. The current round of unrest is a response to plans by the Macron government to consolidate public pensions and raise retirement ages. The sales of Casino, controlled by Jean-Charles Naouri, should have rebounded since gilets jaunes protests were at their height.
In a particularly difficult context for the retail sector due to major social movements in France in December, Fnac Darty announces an estimate of its sales and results for the 2019 period. The Group is also launching a search for a partner for its operations in the Netherlands.
Ivry, January 8, 2020 Regulated information INFORMATION ON THE TOTAL NUMBER OF VOTING RIGHTS AND SHARES Statement in compliance with article L. 233-8 II of the.
Ivry, January 8th 2020 Regulated information HALF YEARLY ACHIEVEMENT REPORT ON FNAC DARTY SHARE QUOTATIONS LIQUIDITY MANDATE Pursuant to the liquidity mandate granted by.
Press release, November 26th 2019 Carrefour and Fnac Darty are strengthening their partnership and continuing to deploy Darty shop-in-shops in Carrefour.
Ivry, October 31, 2019 Fnac Darty announces the finalization of its strategic partnership with the CTS Eventim Group Fnac Darty has announced that it has.
Fnac Darty finalized the acquisition of Nature & Découvertes, a leading omnichannel retailer of products in the natural and well-being sector, in accordance with the terms communicated on April 16, 2019, after obtaining the necessary authorisations from the relevant authorities. Formed in 1990, Nature & Découvertes offers a unique range of products, thanks in particular to its network of 97 stores in Europe and a website with over 17 million visitors a year. Thanks to this acquisition, Fnac Darty continues to diversify its product offering by integrating a strong brand, whose commitment to the values of curiosity, discovery and well-being strengthens and enriches its strategic positioning, and whose DNA is complementary to the Group's banners.
Strong sales growth in the first halfAcceleration of the Group’s transformation and strengthening of its multi-specialist profile Revenue at €3,284.6 million up +2.6% on a.
Fnac Darty has announced that it has started exclusive negotiations on a strategic partnership with the CTS EVENTIM Group, the European leader in ticketing. Following the acquisition of Billetreduc.com in the first quarter of 2019, Fnac Darty plans to boost France Billet's development through a partnership with a leading player in Europe.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of FNAC DARTY SA and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Ivry, June 14, 2019 Regulated information INFORMATION ON THE TOTAL NUMBER OF VOTING RIGHTS AND SHARES Statement in compliance with article L. 233-8 II of the French.
Capital increase reserved for the employees Fnac Darty will launch on the 12th of June a capital increase reserved for the employees. The key terms of this transaction.