CASINO GROUP: Third Quarter 2012 Sales

Regulatory News:

CASINO (Paris:CO):

• Strong growth in sales at €11.8 billion (+35.2%), driven by International, which now makes up 60.4% of the Group's operations
• Sustained organic^* growth up in Q3 over Q2 2012: +4.2% (vs. +3.4% in Q2 2012)

• Internationally, very good performance (+8.8%) in sequential acceleration over Q2 2012 (+7.7%)
• In France, business is resilient (+0.2%), boosted by the excellent performance of Cdiscount (+22.8%) and by the improved trends on convenience and discount formats.

In the third quarter of 2012, the Group's consolidated sales were up +35.2%. Organic growth^* was steady at +4.2% (+3.8% including petrol and calendar effect). Group same-store sales increased +2.2% excluding petrol.

Changes in scope positively contributed +33.9%, primarily under the impact of the full consolidation of GPA as of 2 July 2012. Foreign-exchange rates had an unfavourable impact of -2.5%. The petrol effect was minimal for the quarter. The calendar effect was negative in France (-0.8%) and nil internationally.

^* Excluding petrol and calendar effect; organic growth is growth at constant scope of consolidation and exchange rates.

In France, resilient sales on an organic basis

In France, organic growth was +0.2% in the third quarter excluding calendar, up sequentially over Q2 (-0.5%). Reported sales declined by -1.6% after factoring in the deconsolidation of a master franchisee at Franprix-Leader Price.

• Despite a soft consumer environment, convenience formats posted satisfactory results. Sales for Monoprix, Casino supermarkets and superettes continue to grow on an organic basis. Total sales for superettes are improving (+0.1% and +0.6% excluding calendar effect), compared to a decline of -2.9% in Q2 2012.
• Franprix-Leader Price posted stable sales on an organic basis, excluding the calendar effect, an improvement over the previous quarter (-1.3%).
• Géant's performance was affected by the decline in non-food, in particular on multimedia. The banner continues and accelerates the reduction of its non-food selling areas.
• Inversely, Cdiscount stepped up its growth (+22.8%), benefiting from excellent performance during the summer sales.
• In all, non-food sales by Géant and Cdiscount grew +2.2% in the third quarter.

International: continued strong organic growth: +8.8%

Casino Group’s international subsidiaries generated strong growth once again this quarter. Sales rose +8.8% on an organic basis excluding the calendar effect. Total sales for International subsidiaries, which rose +79%, also benefited from the full consolidation of GPA.

The foreign-exchange effect had a negative impact of -5.5% on international sales in the third quarter 2012.

• Latin America posted strong organic growth of +9.6%, driven by high same-store growth in Brazil and dynamic expansion in Colombia.
• Organic growth for Asia is still very significant at +10.2%, due to the sustained pace of expansion, especially in Thailand, where same-store growth improved in the third quarter.

Total International sales accounted for 60.4% of Group sales over the period, compared with 46% in Q3 2011.

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FRANCE: SALES ANALYSIS - Q3 2012

Sales in France came to €4,663 million in the third quarter of 2012, an increase of +0.2% in organic growth, excluding petrol and the calendar effect.

• Casino France

Same-store sales^* excluding petrol for Géant Casino were down -5.4%^*. During the quarter, Géant suffered notably from the impact of unfavourable weather and from the ongoing trend on non-food.

In a context of soft consumption, same-store food sales were down -2.9%^*.

Non-food same-store sales fell by -7.3%^*, without multimedia, for which the banner pursues the reduction of sales areas at an accelerated pace.

At the end of Q3, the banner already reached its annual target by reducing by 7.5% the non-food sales area of 80 stores.

Total sales area of hypermarkets will decrease by 2.4% in 2012.

Excluding petrol and calendar effect, organic growth in sales in Casino Supermarkets was up +3.5%. The banner has kept up its strategy of excellence in fresh goods and rollout of local products labelled "Le Meilleur d'ici" ("the Best from Here”), as well as highlighting its own private label, whose performance over the quarter was satisfactory. Total sales grew +3.1%. Same-store sales excluding the calendar effect were down -1.7%.

Sales in superettes are posting +0.6% organic growth (excluding the calendar effect), marking an improvement over Q2 2012. This performance was sustained by expansion, with Casino having opened 61 stores. 2 Petit Casino have been converted into Casino Shop. Moreover, since July, 17 Coop d'Alsace stores have joined the Casino proximity network. In total 48 Coop d’Alsace are affiliated.

Cdiscount sales rose +22.8% because of excellent performances obtained during the most recent sales. All product categories are developing very dynamically. The market place continues its growth, in line with the plan, making it possible to expand the total number of offers available on the Cdiscount website to 900,000, of which 100,000 are sold directly by Cdiscount. It already represents more than 7% of total business volume, which is up by 30%. Sales via m-commerce (smartphones and tablets) have increased faster than activity.

The Group has continued to roll out its multi-channel strategy over the third quarter, completing the number of pick-up points in its stores. There are now a total of 2,450 points for packages under 30 kg, and 450 points for packages over 30 kg.

Total non-food sales (cumulative) in France by Géant and Cdiscount rose +2.2% over Q3.

^* Excluding calendar (-0.9% over Q3) and restated for the transfer of four hypermarkets to Casino Supermarkets

• Franprix – Leader Price

Leader Price posted an increase of +0.1% in its same-store sales, excluding the calendar effect, an improvement over H1 2012. Sales & marketing activities initiated since the start of the year, from the standpoint of both assortment and pricing, are ongoing, and their good results are validating Leader Price's recent strategic trend. 12 stores have opened since the year began, of which 4 over the period. The rollout of Cdiscount pick-up points continues satisfactorily, with 150 pick-up points currently in place.

Sales for Franprix rose +0.1% on an organic basis excluding the calendar effect for the quarter, an improvement compared with the previous quarter. Sales benefited notably from the improvement in private label performance. The loyalty card is also being rolled out throughout the store network. The banner has opened 7 stores over the period. Same-store sales exclusive of the calendar effect were down -2.6%, compared with -2.9% in Q2 2012.

Total Franprix-Leader Price sales were down -3.9% after factoring in the deconsolidation of a master franchisee.

• Monoprix

Sales at Monoprix rose +1.4% on an organic basis excluding the calendar effect. In a difficult market, the clothing, drugstore and beauty corners posted good performance in September. Online food sales also recorded very strong growth. Same-store growth excluding the calendar effect was +0.2%, in line with Q2 (+0.5%). Monoprix opened 7 stores over the period.

INTERNATIONAL: SALES ANALYSIS - Q3 2012

Consolidated sales at International subsidiaries rose substantially by +79%.

Scope effects had a positive impact of +75.6%, related to the full consolidation of GPA.

Exchange rates had an unfavourable impact of -5.5%, resulting primarily from the Brazilian real's sharp depreciation against the euro.

Once again, organic growth was very high at +8.8%^*, an improvement over Q2 (+7.7%), driven by good performance in both Latin America and Asia.

^* Excluding petrol and calendar effect

In Latin America, same-store sales showed steady growth of +7.5%, reflecting especially GPA's good performance. Organic growth was +9.6%, boosted by continued rapid expansion, particularly in Colombia. In all, sales rose 98.7%, primarily under the impact of the full consolidation of GPA.

• GPA in Brazil

In Brazil, GPA posted same-store sales up +8.1%.

Same-store sales for GPA Food were up +6.8%^*, driven by the success of the new Assaí cash & carry format which shows excellent performance. Minimercado Extra proximity stores benefited from the latest effects of the conversion of Extra Facil stores to that format, while the other food banners benefited from the conversion of Sendas and Comprebem stores in Q3 2011. The group pursued its policy of innovation over the quarter, notably by launching its first virtual storefront in São Paulo. Expansion pace was accelerated with the opening of 15 new stores during the quarter (i.e. +2.4%^* in square meters): 3 hypermarkets, 4 supermarkets and 8 Minimercado were opened.

Same-store sales for Viavarejo increased +7.5%^*, driven by significant sales initiatives and the extension of tax incentives on purchases of household appliances and furnishings. The assortment in store also improved. The expansion continued in Q3, with the opening of 9 Casas Bahia stores.

^* Gross same-store sales published by GPA.

• Exito in Colombia

Total sales for Exito grew strongly in the third quarter, under the combined influence of high organic growth and a favourable foreign-exchange and calendar effect. Exito benefited from the rapid expansion of its store network. The strengthening of private labels had a positive effect on sales, as did the continued development of activities complementary to retail (specifically credit and insurance).

The expansion of Exito was focused on the development of convenience and discount stores, with the opening of 5 Exito Express, 6 Surtimax, 1 Exito supermarket and 1 Exito hypermarket.

Exito’s Q3 earnings will be released on 24 October 2012.

In Asia, same-store growth came out at +3.5%. Organic growth in sales excluding the calendar effect maintained a high level of +9.8%. Total sales grew +19.9%.

• Big C Thailand

Big C posted organic sales growth excluding calendar of +7.6%. Big C's same-store performance was robust at +3.6%, thanks to the very good results of promotional operations during the quarter, including the 19^th anniversary of the banner, the success of the Extra premium concept, and the roll-out of the loyalty card. The promotional operations contribute to reinforce the leadership of Big C on the low prices. The roll-out of the partnership with service-station operator Bangchak continues, with the opening of pilot stores in the area around Bangkok. Big C continues to finalise the resolution of logistical and procurement problems caused by the floods in late 2011.

Expansion has had an increased contribution to organic growth, with the opening of 3 hypermarkets and many convenience formats over the quarter: 3 supermarkets, 15 Mini Big C and 15 Pure.

• Big C Vietnam

Big C Vietnam continued to post very strong growth in its sales on an organic basis, driven by recent expansion efforts. The banner has opened 1 hypermarket and 1 shopping mall during the quarter. Sales from the latest stores and malls to open have been very satisfactory. Over the quarter, Big C launched a private label offering regional, in-season fresh goods, and continued to roll out its loyalty programme.

In the Indian Ocean, same-store sales were down due to an unfavourable economic context in La Réunion.

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PERSPECTIVES

In France, in a backdrop of soft consumption, the Group will continue to deploy its actions plan aiming at controlling its costs and reinforcing its operating excellence, in particular in hypermarkets. Expansion will continue in buoyant formats and channels, i.e. convenience, discount and e-commerce.

Internationally, where the Group holds leading or co-leading positions on high-potential markets, organic growth should continue at a sustained pace, based upon a strong commercial dynamic and expansion.

Disclaimer

This press release has been prepared for informational purposes only and should not be construed as a solicitation or an offer to buy or sell securities or related financial instruments. Similarly, it does not and should not be treated as giving investment advice. It has no connection with the investment objectives, financial situation or needs of any receiver. No representation or warranty, express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in this document. It should not be regarded by recipients as a substitute for the exercise of their own judgments. All opinions expressed herein are subject to change without notice.

APPENDICES

Main changes in the scope of consolidation

• Change in GPA stake, fully consolidated since July 2012. GPA was consolidated at 43.1% as of 30 September 2011.
• Full consolidation of DSO into Franprix - Leader Price from February 2011 to August 2011.
• Full consolidation of BARAT into Franprix - Leader Price from March 2012.
• Full consolidation of companies owning 21 stores within the Franprix - Leader Price Group as of July 2012.

If Casino group had become sole controlling shareholder of GPA on 1 January 2012 (full consolidation at 100% of GPA from this date), Latin America total sales under the period ended on 30 September 2012 would have been €14,755.4m, bringing the total Group sales to €34,983.6m.

Organic growth: the organic growth is at constant scope of consolidation and exchange rates.