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Retailer Casino in talks to team up with Teract, posts lower annual…

Posts 2022 group trading profit of 1.12 bln euros, down 5.9% * Confident to complete 4.5 bln euros disposal plan by end-2023 * Eyes 250 mln euros cost reduction at retail banners in 2023 (Adds analyst comments, background) By Dominique Vidalon PARIS, March 10 (Reuters) – Supermarket chain free casino games online said it was in exclusive talks to combine its French retail business with smaller food retailer Teract as it seeks to reassure investors over its ability to generate cash and reduce debt. Casino, controlled by 73 year-old Jean-Charles Naouri, also said on Friday it plans to further cut costs this year after reporting a 5.9% decline in 2022 group operating profit, hurt by a slump at its core French operations and weak fourth-quarter sales. The company, which has been selling assets to cut debt, reiterated that it aimed to complete the final 400-million-euro ($423.64-million) leg of its 4.5-billion-euro disposal plan in France by the end of 2023. Casino, which also controls Brazil’s Grupo Pao de Acucar , said it will continue selling assets in Latin America this year. Earlier this week Casino said it had initiated a study on a potential new sale of part of its stake […] read more
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