Debt-laden French retailer Casino posts H1 operating loss By Reuters

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<span>© Reuters. FILE PHOTO: A customer shops in a Casino supermarket in Nice, France, January 15, 2019. REUTERS/Eric Gaillard/file photo</span><br />
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<p>PARIS (Reuters) – Cash-strapped retailer Casino posted a group operating loss of 233 million euros ($258.5 million) in the first half of 2023, as falling sales and price cuts at its hypermarkets and supermarkets hit its core French operations.</p>
<p>Casino is in talks with Czech billionaire Daniel Kretinsky over a plan to inject 1.2 billion euros of new money into the distressed French retailer, and it is still discussing a plan with creditors to restructure its debt pile to avoid bankruptcy.</p>
<p>The French retailer said earnings before interest and taxes (EBIT) was a loss of 233 million euros against a profit of 166 million euros in the first half of 2022, with its operations in France posting a loss of 299 million euros.</p>
<p>Group net debt at end June-2023 was 6.1 billion euros against 6.0 billion at end June 2022.</p>
<p>($1 = 0.9013 euros) </p>
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<br /><a href="https://www.investing.com/news/stock-market-news/debtladen-french-retailer-casino-posts-h1-operating-loss-3135377">Source link </a></p><p>The post <a href="https://forextraderhub.com/debt-laden-french-retailer-casino-posts-h1-operating-loss-by-reuters.html">Debt-laden French retailer Casino posts H1 operating loss By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>