Mixed bag at Kesa
Compared to the same period reported last year, total Group sales grew by 3.0 per cent, 4.4 per cent in local currency.
Darty and Comet delivered good sales during the peak season led by strong performances in new technologies, particularly flat screen televisions.In contrast, BUT continued to face the difficult trading conditions and aggressive competitive environment experienced at the end of the third quarter. Total store sales fell by 4.3 per cent in local currency, down 8.6 per cent on a like for like basis.
Chief Executive Jean-Noel Labroue said ‘Following a difficult November, all our electrical businesses experienced better sales performances in the key peak trading period. As predicted, this was driven by strong sales in new technologies while sales of the more traditional
white goods continued to be weak. With our commitment to margin and cost management, we anticipate that overall the Group will deliver results for the full year towards the lower end of current market expectations.’
Numis analyst Steve Davies said “Comet in the UK saw LFLs decline by 2%, a modest improvement on the -3% in the previous quarter. Given that KESA’s trading period covers a weak November as well as a better December, it is dangerous to compare this -2% with some of the numbers which DSG reported yesterday (UK LFLs +1%), as the latter only covered the 8 weeks to 7 January.
