Electronics retailer Kesa says annual profits drop 29%

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Kesa Electricals said Wednesday that annual profits dropped 29 percent to around 32 million euros and said it was closing a number of stores in Britain following poor trading at its Comet shops.

Kesa, which owns electrical retail chains Comet in Britain and Darty in France. said profit after tax stood at 31.8 million euros ($45.7 million) in the 12 months to April 30, compared with net profit of 44.6 million euros in 2009-10.

Group revenue increased 2.2 percent to 5.917 billion euros, as a rise in income at Darty stores offset a fall for Comet.

Kesa said it was closing 17 Comet stores over the next three years.

"We have a strong turnaround plan for Comet to restore its profitability in the medium term and in parallel we are examining strategic alternatives to ensure the best overall value for shareholders," Kesa chairman David Newlands said in the group's earnings statement.

© 2011 AFP

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