LatAm Revenues Up at Citi, Casino 

A Grupo Pao Acucar (GPA) store in Brazil. Casino now controls GPA. (Photo: Grupo Pao Acucar)

Latin America results at Citicorp, DuPont, Carrefour, Casino and Schlumberger.


Latin America remained a bright spot for US and European firms last year.

US-based Citicorp reported Latin America revenues of $14.5 billion last year, an increase of 7.1 percent, while net income grew 8.9 percent to $3.5 billion. Global consumer banking in Latin America grew 2.5 percent to $9.7 billion, while securities and banking revenues increased 27.4 percent to $3 billion. Transactions services saw little change and ended up at $1.8 billion.

US-based Schlumberger, the world’s largest oil field services company, reported  Latin America revenues of $7.6 billion last year, an increase of 16.8 percent compared with 2011. And US-based DuPont announced an 11 percent increase in Latin America sales to $4.5 billion last year. That was its highest growth of any region in 2012.


Meanwhile, French retailers Carrefour and Casino also reported good results in Latin America last year.

Casino has overtaken Carrefour sales in the region thanks to a 62.8 percent increase last year to 19.3 billion euros (US$25.4 billion). That was its best result anywhere and compares with a global increase of 22.1 percent.
The increase was largely due to it assuming full control over Grupo Pao Acucar (GPA), Brazil’s largest retailer, where it has a 40 percent stake.

Casino also has significant operations in Colombia under the Exito brand as well as smaller operations in Uruguay and Argentina.   However, after GPA founder and chairman Abilio Diniz planned to merge the company with Casino rival Carrefour last year, relations between GPA and Casino have been bitter.

, the world’s second-largest retailer, announced Latin America sales grew by 4.8 percent to 16.1 billion euros (US$21.3 billion). That compares with global sales growth of only 1 percent. Brazil accounted for most of the sales, 12.5 billion euros, an increase of 1.2 percent. Argentina sales grew 19.6 percent to 3.76 billion euros. Carrefour also has outlets in the Dominican Republic. 

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Earnings Roundup
2012 LatAm revenues and growth
Company Revenues Change
Casino $25,373 62.80%
Carrefour $21,273 4.80%
Citicorp $14,518 7.10%
Schlumberger $7,554 16.80%
DuPont $4,500 11.00%

NOTES: Carrefour and Casino sales converted from euros to dollars based on 2012 year-end
exchange rate of 1.318.

Sources: Companies, Latinvex