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Feb. 25, 2021, 2:35 a.m. EST

Casino sees improved profitability in 2021

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By Joshua Kirby

Casino Guichard-Perrachon SA said Thursday that underlying net profit for 2020 rose on organic sales growth, and that it expects profitability to increase in 2021.

The French supermarket operator said underlying net profit from continuing operations came to 268 million euros ($326.2 million), up 37% from EUR196 million in 2019. On a consolidated basis, the group posted a net loss of EUR886 million, narrower than the previous year.

Full-year sales came to EUR31.91 billion, up 9% organically. Earnings before interest, taxes, depreciation and amortization were EUR2.74 billion, up slightly on year.

The board won't propose a dividend for 2020 amid a wider deleveraging plan. For 2021, the company expects profitability to continue to improve, building on the second half of 2020.

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