French retail group Casino reported on Tuesday that its net profit in 2010 fell 7 per cent to 500m euros (US$690m) compared to the prior year, according to Agence France-Presse (AFP).
The group's 2010 sales rose 8.7 per cent to 29.1bn euros, and net earnings surged 5.6 per cent to 1.95m euros.
Operating profit increased 7.5 per cent to 1.3bn euros, with a drop of 4.1 per cent in France and a gain of 30.2 per cent internationally, AFP said.
Commenting on the results, Jean-Charles Naouri, Groupe Casino chairman and CEO, told AFP: 'We have met our objectives in terms of both sales momentum in France and faster profitable growth in international markets.'
Groupe Casino has targeted sales growth of 10 per cent for the next three years and 700m euros in asset disposals, the report said.
Casino operates some 11,000 stores worldwide (9,364 are in France), and has focused on high-growth markets in South America and South East Asia.
Mr Naouri told AFP that thanks to acquisitions of Casas Bahias shops in Brazil and former Carrefour stores in Thailand, Casino's sales outside France will account for 45 per cent in 2011, compared to 25 per cent in 2005.
Soon half of Casino's revenues will be generated outside France, he added.
