French Retailers Casino, Auchan in Partnership Talk

Sarla Buch
03 Apr, 2018
New York City

Adesso profit declined but revenues soared 23%. Groupe Casino in partnership talks with Auchan Retail and profit tumbled 95%. CPI Property profit soared 51% on 25% jump in revenues. Eurofins Scientific fell after acquisition of South Korea-based rival Lab Frontier.

[R]4:00 PM Frankfurt – Adesso profit declined but revenues soared 23%. Groupe Casino in partnership talks with Auchan Retail and profit tumbled 95%. CPI Property profit soared 51% on 25% jump in revenues. Eurofins Scientific fell after acquisition of South Korea-based rival Lab Frontier.[/R]

In London trading, FTSE 100 index fell 35.11 or 0.5% to 7,020.50 and in Frankfurt the DAX index slipped 81.65 or 0.7% to 12,016.41.

In Paris, CAC 40 index decreased 14.11 or 0.3% to 5,153.19.

Adesso AG slipped 0.5% to €59.50 after Germany-based software developer said revenues in the year ending in December jumped 23% from a year ago to €321.6 million.

Net income in the year declined 10% to €11.3 million from €12.6 million in a year ago period and diluted earnings per share dropped to €1.78 from €2.10.

Adesso said operating profit in the year soared 8% to €25.4 million from a year ago period.

In fiscal 2018, the software provider forecasted revenue growth of 9% to €350 million and operating profit to jump 9 % to €27.7 million

Casino Guichard Perrachon SA fell 1.5% to €39.23 after France-based grocery retailer today entered into preliminary talks with supermarkets operator Auchan Retail to build global partnership for their food and non-food purchases from national or international manufacturers.

Auchan Retail reported net sales in the fiscal 2017 of €52 billion from 3,778 outlets.

Groupe Casino Yesterday reported net sales in the year ending in December jumped 5% from a year ago to €37.8 billion.

Net income in the year tumbled 95.5% to €120 million from €2.7 billion in a year ago period but operating profit surged 86.3% to €762 million from the same period a year ago.

The grocery retailer estimated fiscal 2018 food retail sales to grow more than 10% and operating profit to increase 10%.

CPI Property Group, Germany-based real estate developer said total revenues in the year ending in December soared 25% from a year ago to €438 million.

Net income in the year surged 51% to €695 million from €460 million in a year ago period.

The home builder said operating profit after net valuation gain in the year jumped 60% to €1.01 billion and the builder also completed the acquisition of 11 shopping centers. Pretax profit advanced 55% to €841 million from a year ago period.

Eurofins Scientific SE slipped 1.2% to €423.80 after Germany-based worldwide laboratory testing services provider said it had successfully acquired South Korea-based rival Lab Frontier Co., Ltd along with its affiliate subsidiary Young In Group.