12th May 2010 07:00
Wednesday 12 May 2010
End of Year Trading Statement
Kesa Electricals plc today announces details of the trading period 9 January to 30 April for the financial year ended 30 April 2010, based on unaudited management accounts.
Revenue growth as reported
|
|
Latest period (9 January to 30 April) |
H2 (6 months to 30 April) |
Full Year (12 months to 30 April) |
|
Darty France |
3.9% |
4.5% |
7.9% |
|
Comet |
(3.4)% |
(3.4)% |
(0.4)% |
|
Other established |
(2.1)% |
(2.0)% |
0.1% |
|
Developing |
10.4% |
9.8% |
10.9% |
|
Group Total |
1.1% |
1.2% |
4.2% |
Revenue growth in local currency Like for like
|
|
Latest period |
H2
|
Full Year |
|
Latest period |
H2
|
Full Year
|
|
Darty France |
3.6% |
4.1% |
2.7% |
|
0.5% |
2.0% |
0.2% |
|
Comet |
(3.4)% |
(3.4)% |
(0.4)% |
|
(4.0)% |
(3.9)% |
(1.4)% |
|
Other established |
(2.1)% |
(2.3)% |
(4.7)% |
|
(5.0)% |
(5.2)% |
(8.2)% |
|
Developing |
10.6% |
9.6% |
5.5% |
|
10.2% |
9.1% |
2.4% |
|
Group Total |
1.0% |
0.9% |
0.9% |
|
(1.2)% |
(0.8)% |
(1.5)% |
Other established includes: BCC, Vanden Borre and Datart
Developing businesses includes: Darty Italy, Darty Turkey and Menaje Del Hogar
All numbers exclude Darty Switzerland which was disposed of on 6th July 2009
Commenting on the Group's performance, Chief Executive Thierry Falque-Pierrotin said,
"We are satisfied that overall the Group traded in line with or ahead of its markets during this seasonally quiet period and we are encouraged by the improvement we have seen in gross margin. We are also pleased that our strategic focus on the Developing businesses and cross channel sales is bearing fruit with a strong like for like performance at our Developing businesses and a substantial increase in web generated sales.
"We expect adjusted profit before tax for the full year to be significantly ahead of last year and in line with the average of current market expectations of £76m."
Trading for the period 9 January - 30 April 2010
Total Group revenue increased by 1.1 per cent in sterling and by 1.0 per cent in local currency. After the extremely poor January weather conditions, which had an estimated impact of over 2 per cent for the reported period, revenue fell by 1.2 per cent on a like for like basis. Group web generated sales increased by 23.8 per cent.
Darty France's total revenue increased by 3.6 per cent in local currency with an improvement in gross margin. Like for like sales increased by 0.5 per cent, excluding the Darty Box.
Comet's total revenue fell by 3.4 per cent and by 4.0 per cent on a like for like basis. In a market that remained negative, Comet both maintained its market share and improved its gross margin trend.
At our Other established businesses total revenue fell by 2.1 per cent in local currency and by 5.0 per cent on a like for like basis. The markets in Holland and the Czech Republic remained very challenging but Vanden Borre in Belgium continued to trade strongly.
At our Developing businesses total revenue increased by 10.6 per cent in local currency and by 10.2 per cent on a like for like basis with further evidence of the strong sales uplift in Spain as we roll out the Darty concept.
ENDS
Adjusted profit before tax for the continuing group excludes the effects of valuation gains and losses on options to acquire minority interests, profit on disposal of business operations, exceptional costs, amortisation and impairment of acquisition related intangible assets and exceptional finance costs.
The Group will announce its full year results together with an investor briefing on Wednesday 23 June 2010.
Enquiries
Analysts
Kesa Electricals plc
Simon Ward +44 (0) 20 7269 1400
Media
Kesa Electricals plcAnnabel Donaldson UK +44 (0) 20 7269 1400
Vinciane Beurlet France +33 (0) 1 43 18 52 00
Finsbury
Charles Watenphul UK +44 (0) 20 7251 3801
Revised segmental analysis as presented at the Half Year Results in December 2009
The implementation of IFRS 8 resulted in a change to the basis of segmentation compared to that used in the prior financial year. The "Other" segment has been split between "Other established businesses" and Developing businesses" in line with the internal reporting framework. The historic comparatives for 2008/09 first presented at the Half Year Results in December 2009 are repeated below for information.
Total revenue growth - 2008/09
|
Local currency |
Q1 |
Q2 |
H1 |
"Q3" 1/11-8/1 |
"Q4" 9/1-30/4 |
H2 |
FY |
|
Other |
34.8% |
16.7% |
28.3% |
(2.1)% |
(3.8)% |
(3.2)% |
8.4% |
|
Now split; |
|
|
|
|
|
|
|
|
Other established |
6.3% |
3.9% |
5.1% |
1.3% |
(2.5)% |
(0.8)% |
1.9% |
|
Developing |
232.2% |
61.3% |
117.4% |
(9.2)% |
(8.4)% |
(8.8)% |
26.6% |
|
Developing excluding Darty Switzerland |
297.0% |
68.0% |
136.2% |
(9.9)% |
(7.7)% |
(8.8)% |
29.4% |
Like-for-like sales growth - 2008/09
|
|
Q1 |
Q2 |
H1 |
"Q3" 1/11-8/1 |
"Q4" 9/1-30/4 |
H2 |
FY |
|
Other |
1.4% |
1.4% |
1.4% |
(9.2)% |
(13.1)% |
(11.3)% |
(6.3)% |
|
Now split; |
|
|
|
|
|
|
|
|
Other established |
1.0% |
0.6% |
0.8% |
(3.4)% |
(8.3)% |
(6.1)% |
(2.9)% |
|
Developing |
4.2% |
6.6% |
5.5% |
(20.7)% |
(23.0)% |
(21.9)% |
(16.3)% |
|
Developing excluding Darty Switzerland |
4.7% |
6.2% |
5.6% |
(22.6)% |
(23.7)% |
(23.2)% |
18.0% |
Notes:
1. Menaje del Hogar was acquired on 17th September 2007 and is included in like for like sales from "Q3" 2008/09.
2. Darty Switzerland was sold on 6th July 2009
Revenue and retail profit - full year 2008/09
|
|
12months to 30 April 2009 £m |
12months to 30 April 2009 €m |
|
Other revenue as reported |
994.6 |
1176.9 |
|
Now split; |
|
|
|
Other established |
686.3 |
812.2 |
|
Developing |
308.3 |
364.7 |
|
Other retail profit/(loss) as reported |
(23.2) |
(27.8) |
|
Now split; |
|
|
|
Other established |
20.0 |
23.3 |
|
Developing |
(43.2) |
(51.1) |
Notes:
1. Developing included £27.1m/€31.9m revenue and £5.5m/€6.5m retail loss for Darty Switzerland
The complete revenue growth analysis for the 2009/10 financial year is detailed below for information.
Total revenue growth - 2009/10
|
Sterling |
Q1 |
Q2 |
H1 |
"Q3" 1/11-8/1 |
"Q4" 9/1-30/4 |
H2 |
FY |
|
Darty France |
9.2% |
15.1% |
12.2% |
5.2% |
3.9% |
4.5% |
7.9% |
|
Comet |
1.9% |
5.1% |
3.6% |
(3.4)% |
(3.4)% |
(3.4)% |
(0.4)% |
|
Other established |
2.3% |
3.1% |
2.7% |
(1.9)% |
(2.1)% |
(2.0)% |
0.1% |
|
Developing |
8.5% |
15.8% |
12.2% |
9.0% |
10.4% |
9.8% |
10.9% |
|
Total |
5.8% |
10.0% |
8.0% |
1.3% |
1.1% |
1.2% |
4.2% |
Total revenue growth - 2009/10
|
Local currency |
Q1 |
Q2 |
H1 |
"Q3" 1/11-8/1 |
"Q4" 9/1-30/4 |
H2 |
FY |
|
Darty France |
(0.3)% |
2.4% |
1.1% |
4.6% |
3.6% |
4.1% |
2.7% |
|
Comet |
1.9% |
5.1% |
3.6% |
(3.4)% |
(3.4)% |
(3.4)% |
(0.4)% |
|
Other established |
(6.5)% |
(8.2)% |
(7.4)% |
(2.4)% |
(2.1)% |
(2.3)% |
(4.7)% |
|
Developing |
(0.8)% |
2.9% |
1.1% |
8.4% |
10.6% |
9.6% |
5.5% |
|
Total |
(0.3)% |
2.1% |
1.0% |
0.7% |
1.0% |
0.9% |
0.9% |
Like-for-like sales growth - 2009/10
|
Local currency |
Q1 |
Q2 |
H1 |
"Q3" 1/11-8/1 |
"Q4" 9/1-30/4 |
H2 |
FY |
|
Darty France |
(3.7)% |
(0.1)% |
(1.9)% |
3.6% |
0.5% |
2.0% |
0.2% |
|
Comet |
0.3% |
3.5% |
2.0% |
(3.9)% |
(4.0)% |
(3.9)% |
(1.4)% |
|
Other established |
(10.3)% |
(12.6)% |
(11.5)% |
(5.5)% |
(5.0)% |
(5.2)% |
(8.2)% |
|
Developing |
(9.2)% |
(1.1)% |
(4.9)% |
7.8% |
10.2% |
9.1% |
2.4% |
|
Total |
(3.9)% |
(1.0)% |
(2.4)% |
(0.3)% |
(1.2)% |
(0.8)% |
(1.5)% |
Notes:
1. Excludes Darty Switzerland
Related Shares:
DRTY.L