Electricals giant Kesa has reported a 3.1 per cent increase in group retail profit to £141.3 million for its new financial year, but warned of difficult trading ahead.

The group, which moved its financial year-end to April 30 to improve internal planning processes, reported group revenue increased by 14 per cent to£4.51 billion for the 12 months to that date.

Chief executive Jean-Noël Labroue said: “The group delivered solid revenue and profit growth in overall positive market conditions, although these weakened over the last six months of the period.

“We are seeing a continuing decline in consumer confidence and we anticipate further difficult trading conditions ahead. Consequently, more than ever, our priorities are to focus on maintaining product margin and improving productivity while reinforcing our strong service proposition and continuing to invest in the existing businesses and new markets to secure our longer-term growth.”

Kesa, which owns Comet in the UK and Darty in France, sold BUT, its French furniture business, for €550 million (£434.2 million) to a private equity consortium led by Colony Capital in January.

Profits were up 0.8 per cent at Comet in the 12-month period to£43 million and it added two stores to its 251-store chain in the UK.

Topics