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Darty France At Darty France total revenue was down 1.2 per cent and by 2.5 per cent on a like-for-like basis, broadly in line with the market. Growth in White Goods, Multimedia and Communications was more than off-set by the very weak Vision market following last year's digital switch over, an effect we anticipate will continue for the coming months. With some small positive sales mix effect and against a relatively strong quarter last year, overall gross margin was down 80 basis points in line with that seen in recent quarters. Web-generated sales continued to grow strongly, up nearly 12 per cent to over 13 per cent of total product sales. The cost plans we launched last year are on track. The new Darty Telecom agreement completed and cash was received on 24 July and a new offer has now been launched in all stores.
Alan Parker, Chairman of Darty plc, commented: "Under my Chairmanship the Board is committed to increasing shareholder value and we will report the results of the review in December. We are determined to take the right decisions to restore profitability and create the foundations for our long term success. This will not happen overnight but in our brands and talented colleagues we have some great assets to build on." Commenting on the Group's performance, Chief Executive Thierry Falque-Pierrotin commented: "Markets have remained challenging, but we saw growth in all product categories except Vision which is still suffering following the digital switch over last year, particularly in France. We are seeing strong Multimedia sales which should be further supported by new products in the pipeline. We have also seen the benefits of our cross channel approach with further good growth in web generated sales. "We continue to reinforce our price positioning and improve store and back office efficiency so that we are well prepared for the more significant trading periods ahead."
Group Review The comprehensive review of the company, which we intend to complete by December, is covering all aspects of the business, including but not limited to the rejuvenation of Darty France and its profitability, accelerating the elimination of losses in our Developing businesses and the targeting of cost savings across the Group of at least €20m per year, on which work has already started. We are working with new advisers to support us in accelerating the implementation of the conclusions of the review. The recruitment of new non-executive directors has begun and as we announced separately today Thierry Falque-Pierrotin will leave the company by mutual agreement on completion of the review in December and we have commenced the search for a new Chief Executive.
Summary · All our markets have remained challenging. Against this background: o Total revenue in the period increased by 1.1 per cent in local currency and was flat on a like-for-like basis, despite a very weak Vision market, particularly in France following the digital switch over last year o Web-generated sales increased by over 13 per cent supported by the strength of our cross channel approach o Gross margin down 140 basis points, reflecting competitive pressures and product mix across the Group · New commercial agreement for Darty Telecom completed on 24 July · Review of the Group, its markets and its operations commenced under the new Chairman · As separately announced, upcoming change of Chief Executive following completion of the review in December
http://www.investegate.co.uk/Article.aspx?id=201209130700071461M
Seymour Pierce reiterated is "sell" recommendation for Darty (DRTY) with a 45p target price, ahead of the group's first quarter trading update due on 13th September. The broker expects the consumer electronics retailer to have been impacted by austerity packages imposed in a number of Eurozone countries and forecasts continued like-for-like sales contraction in France. Seymour PIerce also noted that the firm's revenue visibility is declining, with the sales mix switching to lower margin multi-media products. Darty shares fell by 1p to 55.5p.
Obviously a regular seller in the market that is dragging the stock for now
The difficulty with the Comet stores was the heavy leasing costs that have now been rid of to a Private company you cannot invest in. On Digital Look the projections are positive for this company -it has recovery potential for a modest investment that with divi paying its way and opportunities to add.
Quite a strong brand in France -has operations in Spain and Turkey. No longer trades in UK -the UK shops sold for £2 but still has the Kesa pension liabilities. The board is mixed English and French. This is listed on London but cannot understand why not in Paris. Results show a trading loss and if you buy this you are banking on them sorting out this mess at a time Europe is in recession -including the 3rd quarter prospect for FRance shows a downturn. 1.25 centimes interim dividend ex date September -don't bank on another one soon . One for the brave I think and even in France if you go to Cite Europe uin Calais you see it has Carrefour next door and its a big premises with lots of good stuff but as empty as many branches of Dixons in UK have been...
Okay, if youve reached this DRTY chat board you were probably like me looking for KESA......kesa as a company have had a name change to Darty ....hence DRTY .....I had to phone up Kesa in London to find out what was going on.....not sure if there were any posts on the old Kesa, but anyway your on the right page now if your looking for KESA.....which are trading at about 42p.....