French Casino Q1 sales up 25 pct on foreign ops.

Mon Apr 21, 2008 11:07pm BST
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PARIS (Reuters) - French supermarket group Casino Guichard Perrachon SA (CASP.PA: Quote, Profile, Research) said on Monday its first quarter sales rose 25 percent, helped by consolidation of Colombian and Dutch operations, and it maintained its 2008 targets.

Casino said in a statement sales in the three months to March 31 were 6.862 billion euros ($10.9 billion), which compared to an average forecast of 6.838 billion euros in a Reuters Estimates poll of nine analysts.

Organic growth, which excludes acquisitions and exchange rate changes, was up 7.6 percent, said Casino, reiterating it expected faster organic growth in sales than previously reported and further growth in trading profit, a measure of operating profit for which no details were given.

In 2007, Casino's organic sales grew by 3.8 percent, while profit rose almost 15 percent to 1.2 billion euros.

Casino, which owns French Geant hypermarket group and has operations in Latin America and Asia, said sales rose 5 percent to 4.2 billion euros in France compared with the first quarter in 2007, while international sales growth was 93 percent.

Majority stakes in Colombia's largest supermarket chain Almacenes Exito IMI.CN, and in Dutch retailer Super de Boer (SDB.AS: Quote, Profile, Research) boosted international revenue growth, Casino said.

Casino is controlled by French holding company Groupe Rallye (GENC.PA: Quote, Profile, Research), which owns 63 percent of Casino's voting rights or 49 percent of Casino shares.

(Reporting by Gilbert Kreijger; Editing by David Cowell)