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| Comet knocks Kesa Electricals Christmas sales | Comet knocks Kesa Electricals Christmas sales |
| (about 9 hours later) | |
| Comet owner Kesa Electricals has reported a drop in sales due to "softer trading" at the UK chain caused in part by bad weather. | Comet owner Kesa Electricals has reported a drop in sales due to "softer trading" at the UK chain caused in part by bad weather. |
| Like-for-like sales across the group, which also owns Darty France, fell by 4% between 1 November and 18 January, with sales at Comet down 7.3%. | Like-for-like sales across the group, which also owns Darty France, fell by 4% between 1 November and 18 January, with sales at Comet down 7.3%. |
| Full year pre-tax profits would be ahead of last year, but at the lower end of expectations, the group said. | Full year pre-tax profits would be ahead of last year, but at the lower end of expectations, the group said. |
| Shares in Kesa fell more than 8% following the announcement. | |
| Like-for-like sales at Darty fell 1.8%, while total group sales were down 1.6%. | |
| Despite the fall in like-for-like sales, which strip out the impact of sales at new stores, online sales across the group rose by 11%. | Despite the fall in like-for-like sales, which strip out the impact of sales at new stores, online sales across the group rose by 11%. |
| And despite the sharp fall in Comet sales for the period, the UK chain posted "record trading between Boxing Day and New Year," Kesa said. | And despite the sharp fall in Comet sales for the period, the UK chain posted "record trading between Boxing Day and New Year," Kesa said. |
| The company also said it had agreed a new credit facility worth 455m euros ($613m; £383m) on improved terms. | The company also said it had agreed a new credit facility worth 455m euros ($613m; £383m) on improved terms. |
| This would reduce interest payments by about 500,000 euros in the current financial year, and by about 3m euros in subsequent years, it estimated. | This would reduce interest payments by about 500,000 euros in the current financial year, and by about 3m euros in subsequent years, it estimated. |
| "Against a background of increased competitiveness, Darty France and the other established businesses delivered a robust performance, offset by softer trading at Comet and the developing businesses," said Kesa's chief executive Thierry Falque-Pierrotin. | "Against a background of increased competitiveness, Darty France and the other established businesses delivered a robust performance, offset by softer trading at Comet and the developing businesses," said Kesa's chief executive Thierry Falque-Pierrotin. |
| "We remain confident in our strategy and committed to our plans to implement the Darty concept in all our markets and we have in place a number of additional measures to improve revenue and reduce costs." | "We remain confident in our strategy and committed to our plans to implement the Darty concept in all our markets and we have in place a number of additional measures to improve revenue and reduce costs." |