20th Jan 2010 07:00
Wednesday 20 January 2010
Interim Management Statement
Kesa Electricals plc today announces an interim management statement for the period 1 November 2009 to 8 January 2010, based on unaudited management accounts.
Revenue growth as reported Revenue growth in local currency
|
Total |
Total |
Like-for-like |
|||
|
Darty France |
5.2% |
Darty France |
4.6% |
3.6% |
|
|
Comet |
(3.4)% |
Comet |
(3.4)% |
(3.9)% |
|
|
Other established* |
(1.9)% |
Other established* |
(2.4)% |
(5.5)% |
|
|
Developing** |
9.0% |
Developing** |
8.4% |
7.8% |
|
|
Group Total |
1.3% |
Group Total |
0.7% |
(0.3)% |
* BCC, Vanden Borre and Datart
**Darty Italy, Darty Turkey and Menaje Del Hogar
Commenting on the Group's performance, Chief Executive Thierry Falque-Pierrotin said,
"We were well prepared for our peak trading season and saw improving sales trends in most of our businesses. I am particularly pleased with the performance at Darty France and the progress we are making in our Developing businesses with positive like-for-like sales in all their markets."
Total Group revenue increased by 1.3 per cent in sterling, up 0.7 per cent in local currency, and fell by 0.3 per cent on a like-for-like basis. Gross margin was flat.
Darty France continued its improved trend from the first half of the year with revenue up 4.6 per cent in local currency and 3.6 per cent on a like-for-like basis. Sales were largely driven by lower margin multi-media ranges.
Comet faced strong comparatives following its market out performance last year. Revenue fell by 3.4 per cent and by 3.9 per cent on a like-for-like basis. The pressure on gross margin was unchanged from that seen in the first half of the year.
The quarterly sales trends at the Other established businesses, BCC, Vanden Borre and Datart, improved while still facing tough market conditions in Holland and the Czech Republic. Revenue fell by 2.4 per cent in local currency and 5.5 per cent on a like-for-like basis. Vanden Borre continued to deliver strong sales growth.
The Developing businesses, Darty Italy, Darty Turkey and Menaje del Hogar, all performed well increasing total revenue by 8.4 per cent. On a like-for-like basis sales increased by 7.8 per cent reflecting strong sales growth in Italy and a positive performance for the first time in Spain. We also maintained positive like-for-like sales in Turkey despite the removal of import and sales tax benefits.
Overall web generated sales increased by 19.3 per cent.
Financial position
No material events or transactions impacting the Group's strong financial position have taken place since the previously announced 31 October 2009 balance sheet date.
ENDS
Basis of preparation
The above statement does not include Darty Switzerland, which was disposed of on 6 July 2009.
There will be a telephone conference call for analysts at 08.00am on 20 January 2010. If you would like to listen to a recording of this call, please visit the company's website www.kesaelectricals.com after 10.00am.
The Group will issue its full year results on Wednesday 23 June 2010.
KESA Electricals is a specialist electrical retailer. It employs more than 26,000 people, trades in 11 countries and has an annual turnover of approximately £5 billion. KESA Electricals is a member of the FTSE 250. Its ordinary shares are listed with the UK Listing Authority and trade on the market for listed securities on the London Stock Exchange under the symbol KESA.L. It is also listed on the Premier Marche of the Paris Stock Exchange. For further information, please visit the company's website, as above.
Enquiries
Analysts
Kesa Electricals plc
Simon Ward +44 (0) 20 7269 1400
Media
Kesa Electricals plc
Annabel Donaldson UK +44 (0) 20 7269 1400
Vinciane Beurlet France +33 (0) 1 43 18 52 00
Finsbury
Charles Watenphul +44 (0) 20 7251 3801
Related Shares:
DRTY.L