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Casino Guichard-Perrachon Stock Plummets


Shares in France’s Casino Guichard-Perrachon took a significant hit after the company reported a widened loss for 2023 and withdrew its outlook in anticipation of an impending change in control due to financial restructuring.

Financial Performance

  • Share Performance:
    • The embattled French grocer’s shares plummeted by 9.9% to EUR0.64, marking a loss of over 93% compared to the previous year.
  • Net Loss:
    • Casino reported a staggering net loss of 5.66 billion euros for 2023, attributing it to disposals and financial restructuring. This is a stark contrast to the EUR316 million loss in 2022.
  • Sales Decline:
    • Net sales decreased to EUR8.96 billion from EUR9.40 billion, with fourth-quarter sales alone dropping by 5.8% to EUR2.32 billion.

Restructuring and Change in Control

  • A financial-restructuring plan, led by Czech billionaire Daniel Kretinsky, is set to take control of the company following approval from a Paris court. The completion of this plan is scheduled for March 27.
  • Ongoing processes to sell some operations have rendered previous projections invalid, leading Casino to retract its guidance for the 2023-28 period without providing new estimates in light of the imminent change in control.

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