The store group, owner of Comet in the UK and Darty in France, posted a 9.9 per cent group sales rise in local currency. The like-for-like uplift was 3 per cent.
Darty notched up a 4.3 per cent comparable store sales advance but, at Comet, there was a 0.2 per cent decline, which Kesa said was against strong comparatives.
Chief executive Jean-Noël Labroue said there had been strong demand for flatscreen TVs and multimedia products. “Overall, the small negative mix effect on margin observed at the end of the first half continued throughout this quarter,” he said.
He added the peak trading outlook was uncertain, but Kesa was “well-prepared and focused on operational efficiencies and margin, cost and cash management.”
Landsbanki analyst Charles Nichols said: “We believe that selling high-priced manufacturers’ brands will get progressively more difficult as internet penetration grows in the next few years. With the flatpanel TV boom also likely to moderate, we view the medium-term outlook for profitability in the sector as very difficult.”
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