January 18, 2019 / 8:08 AM / 6 months ago

Retailer Casino's shares rise as Q4 sales show resilience

PARIS, Jan 18 (Reuters) - Shares in supermarket retailer Casino rose on Friday, as traders and analysts said the company’s fourth quarter sales had shown an element of resilience to the impact from anti-government protests in France.

Casino shares were up 3.9 percent in early session trading, helping to lift the shares of its domestic rival Carrefour which also rose around 2 percent.

Late on Thursday, Casino said revenue growth had slowed down slightly in the fourth quarter as anti-government protests in France impacted sales at its Geant hypermarkets, but Casino nevertheless kept its overall financial targets.

Fourth-quarter sales at Casino, which controls Brazil’s Grupo Pao de Acucar, reached 9.928 billion euros ($11.3 billion), above the 9.8 billion euros average in a consensus of 10 analysts’ forecasts compiled by the company.

“No real surprises emerged from the company’s Q4 sales despite a slight beat. France has held up well despite disruption from protests,” wrote investment bank Jefferies, which kept a “hold” rating on Casino.

$1 = 0.8776 euros Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas

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