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Comet sales slump despite turnaround efforts

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by Kay Mitchell

Electrical goods retailer Comet has today posted a 6.8% fall in sales for the year to 30 April, slumping to a loss of €10 million (£9 million).

The chain said trade had deteriorated in the new financial year and chairman David Newlands described the results as “unsatisfactory and unacceptable”.

Comet’s parent company, Kesa, however posted a 2.3% rise in adjusted profits before tax, to €93.2 million for the 12 month period.

Kesa is understood to be mulling over several options for Comet – including a sale. The group is in the midst of a turnaround programme which includes selling under-performing shops.

Comet trades from around 250 stores and has a workforce of 10,000.

Mr Newlands comments: “We have a strong turnaround plan for Comet to restore its profitability. In parallel, we are examining strategic alternatives to ensure the best overall value for shareholders.”

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News posted: June 22, 2011

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