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* Shares drop, analysts say 2018 guidance cautious
* 2017 operating profit
* French 2017 operating profit
By Dominique Vidalon
Casino, whose credit rating was cut to junk by Standard &Poor's in March 2016, is also experiencing slower growth in
Its shares fell 4.7 percent by 0949 GMT after Casino vowedto grow profits in 2018 with the help of cost savings as itposted a 20.1 percent jump in its 2017 operating profit, whichincluded tax credits in
For 2018, Casino said it aimed to deliver organic growth inconsolidated operating profit for the group above 10 percent,excluding tax credits.
"The outlook, whose encrypted translation is not very easyat first sight, seems rather cautious. Forex headwinds shouldnot be neglected in 2018, so we do not see much room for EPSupgrade," said Bryan Garnier analysts, who kept a "neutral"rating on the stock which is hovering near its lowest levelsince December 2016.
Barclays analysts also pointed to a rise in 2017 net debt asa concern.
Casino, which has stepped up its online offerings in recentmonths in the face of competition from Amazon, said itwould benefit from a deal to use British online retailer Ocado'sE-commerce platform to expand its business.
It kept its 2017 dividend unchanged at
Casino also said that its French operations had shown signsof improvement, with profits at its main French arm rising to
Casino faces tough competition with the French market, butthe company said it was targeting organic growth in
In recession-hit
Casino shares, which rose 10.9 percent in 2017, have fallenaround nearly 20 percent so far in 2018, underperforming theirEuropean sector.
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