24th May 2006 07:01
Kesa Electricals plc24 May 2006 Wednesday 24 May 2006 Turnover for the three months ended 30 April 2006 Kesa Electricals plc today announces the group's turnover for the three monthperiod to 30 April 2006, based on unaudited management accounts. Turnover as reported Turnover in local currency 3 months to Growth 3 months to Growth 30 April 2006 30 April 2006Darty £363.7m 6.7% Darty €528.0m 6.6%Comet £328.9m 3.8% Comet £328.9m 3.8%BUT £133.8m 1.0% BUT €194.3m 0.9%Other* £96.3m 25.8% Other* €139.8m 24.8%Total £922.7m 6.5% Total 6.4% *BCC, Vanden Borre, Datart, Darty Italy, Darty Switzerland At Darty, turnover grew by 6.6 per cent in local currency and 4.7 per cent on alike for like basis. This encouraging sales performance was driven by thecontinued strong demand for new technologies, particularly flat screen TVs,while we saw a modest growth in sales of white goods. The store modernisationprogramme is progressing on schedule and two new stores, one relocated store andseven refurbished / extended stores will be completed by the end of the firsthalf. In the UK, following a difficult year Comet is now back to positive salesgrowth. Total turnover grew by 3.8 per cent, 2.8 per cent on a like for likebasis, also led by strong sales of flat screen TVs while sales of white goodsremained poor. During the first half five refurbished / extended stores willopen, three of which will trade with a mezzanine floor, while three stores willclose. BUT continued to face difficult trading conditions. Against strongercomparatives for the same quarter last year, total store sales were flat, down4.9 per cent like for like. The five small to mid sized stores relayed towardsthe end of last year continued to trade well and nine of the 15 further storerelays scheduled for this year will be completed by the end of the first half. Turnover at our other businesses grew by 24.8 per cent in local currency, 8.4per cent on a like for like basis. Sales growth at Vanden Borre remains strongand BCC continued the improved performance seen in the second half of last year.The store development programme for all our other businesses continues. Sevennew stores, including one in Italy, three relocated stores and five refurbished/ extended stores will open during the first half, while two stores will close. An external review of our property portfolio has attributed approximately £495 million as a total fair market value, thus estimating an 85 per cent upliftagainst the £268 million net book value disclosed in the year end Group financial statements as at 31 Jan 2006. Chief Executive Jean-Noel Labroue commented, "Overall this is a satisfactory start to the year and we have seen salesimprovements in all our businesses compared to the end of last year. The verystrong sales of flat screen TVs, triggered by the new High Definition readyranges, helped Darty's performance and Comet's return to positive growth in thefirst quarter. In May, ahead of the World Cup, we are seeing furtheracceleration of TV sales across the Group. "However, customer demand for white goods continues to be weak, particularly inthe UK. "Consequently, we will remain strongly focussed on margin management and costcontrol while continuing to invest in our store portfolios and new projects tosecure our future growth." ENDS As at 30 April 2006: Store numbers Selling space (000sqm)Darty 206 269.0Comet 246 256.0BUT 106 345.5Other* 131 149.1 *BCC, Vanden Borre, Datart, Darty Italy, Darty Switzerland There will be a telephone conference call for analysts at 08.00 on 24th May2006. If you would like to listen to a recording of this call, please visit thecompany's website www.kesaelectricals.com after 10.00. The Group will issue its next trading update on Thursday 20 July 2006. Enquiries Analysts Kesa Electricals plcSimon Ward +44 (0) 20 7269 1400 Media Kesa Electricals plcAnnabel Donaldson UK +44 (0) 20 7269 1400Guy Lavaud France +33 (0) 1 43 18 52 00 FinsburyAbigail Irving-Bell UK +44 (0) 20 7251 3801 Euro RSCGLaurent Dondey France +33 (0) 1 58 47 95 17Emilie Lang +33 (0) 1 58 47 95 16 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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