LONDON -(Dow Jones)- Kesa Electricals Plc (KESA.LN), a British-based multinational consumer electronics and household appliance retailing group announced Wednesday for the period to January 18, 2011, that it expects adjusted pretax profit to be ahead of last year and towards the lower end of market expectations at EUR98 million to EUR119 million.
-Total revenue grew by 0.4%, declining by 4.0% on a like-for-like basis, reflecting difficult market conditions
-Adverse weather conditions in our major markets had an estimated 2.0% sales impact
-Darty France and Other established businesses delivered a solid performance offset by softer trading at Comet and the Developing businesses
-Web-generated sales increased by 11.0%
-Darty France revenue increased by 0.4% in local currency, falling by 1.8% on a like-for-like basis.
-The French sales period did not start until January 12 and trading so far has been encouraging.
-Comet overall revenue for the period declined by 6.5% in local currency and by 7.3% on a like-for-like basis.
-In the light of these factors the company are now anticipating that Comet will deliver a small retail loss for the year.
-Group gross margin rate for the period was in line with last year
-New EUR455 million 5 year Revolving Credit Facility signed on improved terms
-The company remains confident in its strategy and committed to its plans to implement the Darty concept in all markets.
-The company has put in place a number of additional measures to improve revenue and reduce costs.
-While trading at Darty France remains robust, given the current trading in the U.K. and the Developing businesses it currently expect adjusted profit before tax for the current year to be ahead of last year and towards the lower end of market expectations.
-No material events or transactions impacting the Group's financial position have taken place since the previously announced October 31, 2010 balance sheet date, save for the information provided in this statement.
-Kesa Electricals has signed a committed EUR455 million five year revolving credit facility, replacing the Group's existing EUR500 million facility.
-The new facility is expected to reduce the interest charge for the current financial year by around EUR0.5 million and by around EUR3.0 million in subsequent years.
-There will be an exceptional write-off of the unamortized fees for the previous facility of EUR4.8 million this financial year.
-Overall the Other established businesses, BCC, Vanden Borre and Datart, had a solid peak season and Vanden Borre delivered a particularly strong like-for-like performance.
-Revenue fell by only 0.3% in local currency and by 0.4% on a like-for-like basis and gross margin improved in the period.
-In line with its strategy the company continues to grow overall market share at the Developing businesses with revenue up 10.4% in local currency.
-Against strong comparatives in all its markets, sales declined by 8.8% on a like-for-like basis, reflecting in part difficult market conditions and the short term impact of the rebranding to Darty in Spain.
-Shares closed Tuesday at 150.8 pence
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