SummaryCompanies Casino cut supermarket food prices by 10% on averagePARIS, July 27 (Reuters) - Cash-strapped retailer Casino (CASP.PA) swung to a loss of 233 million euros ($258.5 million) for the first half as falling sales and price cuts at its hypermarkets and supermarkets dented its core French business.
The French retailer's group operating loss came after a profit of 166 million euros in the first half of 2022, with its operations in France posting a loss of 299 million euros.
Consolidated group net sales fell 1.2% like for like in the second quarter to 5.5 billion euros, with retail sales in France down 4.2%.
"We don't intend to go further," Lubek said when asked about possible further price cuts.
Group net debt at end June-2023 was 6.1 billion euros against 6.0 billion at end June-2022.
Persons:
Daniel Kretinsky, Jean, Charles Naouri, David Lubek, Lubek, France's, Dominique Vidalon, Kim Coghill
Organizations:
Casino, Finance, Consolidated, Thomson
Locations:
PARIS, French, France, Lincoln