Third-quarter 2011 sales

(1) Based on comparable scope of consolidation and constant exchange rates.

Group consolidated net sales rose by a reported 21.2% in the third quarter of 2011.
Changes in the scope of consolidation added 16.6%, reflecting external growth in Brazil and Thailand and increased interest in GPA.
The currency effect had a negative 1.7% impact, primarily due to the depreciation of the Colombian, Thai and Brazilian currencies against the Euro. Higher petrol prices added 0.6% to growth, while the calendar effect was virtually neutral both in France (+0.1%) and in international operations (+ 0.4%).

In France, sales were up 4.3% in Q3 2011 on a reported basis and 2.3% on an organic basis of which 1.2% excluding petrol. Casino Group food market share was stable, and non-food sales (Géant + Cdiscount) were up +1.5%.

• All the convenience formats saw an increase in organic sales excluding petrol (Monoprix +2%, Casino Supermarkets +1%, Franprix +0.9%, stable superettes) in a sign of their attractiveness to shoppers.
• Leader Price’s organic sales were up 3.7%, led by a 0.7% growth in same-store sales and a rising contribution from expansion.
• Géant continued to turn in a satisfactory performance in food (stable same-store sales), while market share held steady.
• Cdiscount’s organic sales again surged by 15.4%, after rising 14% in the first half. The company is confirming its strong momentum which enables to strengthen its leadership in non-food e-commerce in France.
• The very good Cdiscount’s performance enables the Group to grow cumulative non-food sales (Géant + Cdiscount) by 1.5%.

International operations continued to enjoy very high organic growth (13.1%), reflecting the powerful momentum of the Group’s banners in its four key countries (Brazil, Colombia, Thailand and Vietnam).

• Organic growth in South America was a very robust 13.6%, lifted by a sustained increase in same-store sales and assertive expansion by GPA in Brazil and Exito in Colombia.
• An acceleration in sales growth was confirmed in Asia, with organic sales up 15.3% (versus +10.9% in H1) on the back of a very good same-store performance by Big C in Thailand and continued remarkable growth in Vietnam.

Overall, international sales rose 50.1%, partly as a result of changes in the scope of consolidation, and accounted for 46% of the consolidated total versus 37% in Q3 2010.

The Group is confident in its ability to deliver annual sales growth over 10% in the next three years.
It therefore confirms its 2011 targets:

• Strengthen market share in France, in particular by continuing to expand in the convenience and discount formats.
• Drive-up margin at Franprix-Leader Price.
• Maintain strong and profitable organic growth in international markets.
• Conduct disposals and capital increase programme of more than €1 billion.
• Maintain a net debt-to-EBITDA ratio of less than 2.2x at year-end.

Sales in France rose 4.3% in Q3 2011. The scope effect coming from the consolidation of three Franprix-Leader Price franchisees is adding 2.0% and petrol sales another 1.1%.
Organic sales excluding petrol increased by 1.2%.

• Franprix-Leader Price

Reported Franprix-Leader Price sales increased by 11.9%, reflecting the consolidation of three franchisees and expansion.

Franprix’s total organic sales were up +0.9%.Expansion continued on schedule, with 11 openings during the period for a total of 34 openings since the beginning of the year. Sunday afternoon closures continued to weigh on same-store sales, which were down 3.0%.

Total Leader Price organic sales, up 3.7%, benefited from a greater contribution from expansion, with 21 stores openings since 1st of January. Same-store sales rose 0.7%. Leader Price’s market share has remained unchanged since the beginning of the year.

• Monoprix

Monoprix recorded a 2.0% (excluding petrol) increase in total sales of which a +0.9% rise in same-store sales. The performance was very satisfactory in the food segment. Non-food sales were impacted by earlier clearance sales. Concerning textile sales in particular, warm weather in September had a negative impact on fall winter apparel sales. Monoprix is pursuing its expansion in new formats with the opening of 5 Monop in 3rd quarter.

• Casino France

International sales increased by 50.1% in the third quarter.
Changes in the scope of consolidation added 41.6%, while the currency effect had a negative impact of -4.7%.
Organic growth remained very high in both South America and Asia, for a 13.1% gain overall.

• Same-store sales in Brazil were up 10.6%*.
  In the food segment, GPA Food sales rose +8.9%*, lifted in particular by a very good performance from Assai and the supermarkets as well as the success in conversion of Sendas and Comprebem stores in Extra and Pão de Açùcar, which has been finalized.
  In the non-food segment, Globex’s same-store sales (including from now on Casas Bahia from 1st July 2010) were up +12.5%*. E-commerce activities continue to record a very high growth level.
  Expansion continued, with six new stores opened during the quarter. Total sales increased by +55.9%* taking into account Casas Bahia sales.
• Organic growth in Colombia was again very strong, driven by sustained growth in same-store sales that reflects the effective sales strategy deployed by Exito. The store conversion programme is almost completed and expansion has been stepped up with the opening of six Exito Express stores, one supermarket and six Surtimax during the third quarter.
  Exito’s capital increase, which was oversubscribed 2.6 times excluding Casino’s stake, was also a great success. Exito will now be able to accelerate its expansion plan on the Colombian market and finance the acquisition of Casino’s majority interest in Disco and Devoto, making Exito the Group’s development platform in Spanish-speaking Latin America.

In Asia, organic sales growth accelerated to 15.3% from 10.9% in the first half.

• In Thailand, Big C posted accelerated organic growth, reflecting a very satisfactory same-store performance and a higher contribution from newly opened stores. One hypermarket and one Big C Market were opened in the third quarter. Development of new formats moved forward at a faster pace, with 18 new Mini Big Cs and 7 Pure. Two new hypermarkets and two Big C Markets are slated to open in the fourth quarter.
  Carrefour Thailand’s operations have been successfully integrated. The “One Company” target was met as of the end of June.
• Operations in Vietnam enjoyed another quarter of very strong organic growth, led by brisk same-store sales and a significant contribution from expansion. Two New Cho convenience stores were opened during the period. Expansion will accelerate in the fourth quarter with the opening of five hypermarkets, for a total of 19 hypermarkets and 18 shopping malls by the end of the year.

Operations in the Indian Ocean performed satisfactorily, with sales up 3.6% on an organic basis of which +2.8% on a same-store basis.

* GPA and Globex reported data.

Main changes in the scope of consolidation

• Consolidation of Casas Bahia by GPA, from 1 November 2010.
• Consolidation of Carrefour Thailand’s operations by Big C, from 7 January 2011.
• Full consolidation of three Franprix-Leader Price franchisees, from 1 February 2011.
• Deconsolidation of one Franprix-Leader Price franchisee, from 1st of September 2011.
• Increased economic interest in GPA to 43.1% as of 30 September 2011 (vs 33.7% as of 30 September 2010).

Régine Gaggioli
rgaggioli@groupe-casino.fr
+33 1 53 65 64 17

Aline Nguyen
anguyen@groupe-casino.fr
+33 1 53 65 64 85