PARIS, Oct 17 (Reuters) - French supermarket retailer Casino posted higher third quarter sales on Tuesday that slightly beat the consensus forecast, helped by growth at its main domestic stores such as Monoprix, Geant and its online Cdiscount unit.
Casino, which controls Brazil’s top retailer Grupo Pao de Acucar, said third quarter sales reached 9.2 billion euros ($10.8 billion), slightly ahead of analysts’ expectations for sales of 9.119 billion euros.
Sales rose 3.4 percent on an organic basis, marking a moderate improvement from 3.3 percent growth in the second quarter.
Casino, whose credit rating was cut to junk by Standard & Poor’s in March 2016 and which has been criticised by U.S. activist fund Muddy Waters, is under pressure to show it can revive profits in France as conditions in Brazil remain tough.
In July, Casino said it was expecting growth of more than 15 percent regarding food retail trading profits in France for 2017, and also expected a contribution from its property development activities of around 60 million euros.
Casino has also forecast full-year growth of at least 20 percent in group consolidated trading profit for 2017.
$1 = 0.8492 euros Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta