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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