Finance
Casino shares slide more than 12% after group reports 2024 loss, store closures
Published by Global Banking & Finance Review®
Posted on February 28, 2025
2 min readLast updated: January 25, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 28, 2025
2 min readLast updated: January 25, 2026
Casino Group shares fell over 12% after reporting a 2024 loss of 295 million euros. The company closed 768 stores and plans to break-even by 2026.
(Reuters) - French supermarket group Casino on Friday reported a net loss of 295 million euros ($306.8 million) for 2024 after a year marked by restructuring, store disposals and job cuts, sending shares down more than 12%.
The owner of the Monoprix, Franprix and Naturalia brands, which fell out of France's SBF120 index for a second time in two years in December, said it sold 366 hypermarkets and supermarkets and closed 768 points of sale last year.
By 1235 GMT on Friday its Paris-listed stock, which has fallen 38% so far this year, had slid to 0.68 euros, its lowest recorded in LSEG data going back to 1985.
"We have implemented concrete and difficult actions to save the group, which will penalise sales in the short term, but which are necessary to ensure the group's long-term viability," CEO Philippe Palazzi told journalists in a post-earnings call.
Comparable yearly sales fell by 2.6% to 8.47 billion euros, the group said in a statement.
A consortium led by Czech billionaire Daniel Kretinsky bought a majority stake in the company after the Paris Commerce Court last February approved a procedure to bail it out.
Casino, which in November presented its strategic plan to 2028, now expects to return to break-even in its free cash flow after expenses in 2026.
"Net results are showing a strong improvement," Palazzi said on Friday. "The first signs of recovery are already there."
($1 = 0.9619 euros)
(Reporting by Florence Loève; Writing by Alessandro Parodi; Editing by Jan Harvey)
Casino reported a net loss of 295 million euros ($306.8 million) for 2024.
Casino's stock slid more than 12%, reaching its lowest recorded price of 0.68 euros.
Casino implemented restructuring, store disposals, and job cuts to save the group.
Casino expects to return to break-even in its free cash flow after expenses by 2026.
A consortium led by Czech billionaire Daniel Kretinsky bought a majority stake in Casino.
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