By Nathan Allen
Casino Guichard-Perrachon SA (CO.FR) said Thursday that its net profit dropped sharply, despite a slight increase in overall sales.
The French retailer said its net profit for the year was 120 million euros ($149 million), compared with EUR2.68 billion a year earlier.
Casino's profit in 2016 was boosted by divestments from its Asian and Brazilian businesses.
Sales rose to EUR37.82 billion from EUR36.03 billion, confirming preliminary results published in January.
The company's consolidated trading profit rose around 20% to EUR1.24 billion, on improved performance at its French and Latin American stores, the company said.
For 2018, Casino said that it expects to reduce its net financial debt and generate cash flow of more than EUR1 billion.
The company also expects consolidated trading profit to grow by more than 10% excluding tax credits in 2018.
Casino's board proposed an unchanged dividend of EUR3.12 a share.
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