 Comet is struggling along with other High Street chains |
Electrical goods retailer Kesa has posted a sharp decline in half-year profits, pulled down by losses at its UK business Comet. Kesa saw group pre-tax profits decline to �23.1m ($41m) during the six months to 31 July - 38.1% less than the same period a year earlier.
Comet posted a loss of �3.3m, compared to profits of �4.4m last year. Sales across the 250 stores were down 2.2%.
Kesa group turnover was up after strong sales at French stores Darty and BUT.
Overall, revenues increased by 4.2% to �1.7bn.
Mixed sales
BUT saw profits rise 1.9% to �16.1m, while Kesa saw profits slip 4.8% to �35.8m.
Kesa said Comet had been particularly hit by a decline in sales of "white goods" such as fridges and washing machines.
Meanwhile, flat-screen televisions and digital radios have been selling well at Comet, Kesa added.
The group is continuing efforts to cut costs and improve its profit margin.
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