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Comet suffers festive hangover

Kesa Electricals Plc has said profit before tax will be at the lower end of market expectations after sales fell over the Christmas period.

GENERAL MERCHANDISE

Comet suffers festive hangover

Total revenue for the group was up 0.4% in the third quarter, but down 4% on a like for like basis because of “difficult market conditions”. The impact of the snow is estimated to have sliced 2% off sales.

Comet’s sales for the three months to 18 January fell 6.5% in local currency and 7.3% like for like. They were down 3.7% like for like in the first half.

Comet is now expected to post a small retail loss for the year ended 30 April 2011 and group adjusted profit before tax is seen at the bottom end of market forecasts of €98m-€119m.

Trade was better in France where Kesa runs the Darty chain, but sales were up just 0.4% in local currency and down 1.8% like for like.

“We remain confident in our strategy and committed to our plans to implement the Darty concept in all our markets and we have put in place a number of additional measures to improve revenue and reduce costs," chief executive Thierry Falque-Pierrotin said.

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