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Comet parent boosted by World Cup

Published: 16 September 2010
Comet parent Kesa Electricals has announced like-for-like revenue growth of 4.3% for it's first quarter (May 1 to July 31 2010) drive, says the company by a "successful World Cup campaign".
Comet parent boosted by World Cup
Comet's performance was in line with the group, showing a like-for-like sales increase of 4.3%. This is reported in local currency as Kesa has changed its reporting currency from Sterling to Euros.

Speaking specifically about the Comet part of the business, chief executive Thierry Falque-Pierrotin said: "TV sales benefited from a particularly strong World Cup campaign and successful delivery of one-off initiatives in multimedia with significant market share gains in both product categories.

"These together resulted in downward pressure on gross margin of 180 basis points for the quarter. Web-generated sales increased by over 13% and now represent 14% of total product sales.

"During the period one store was relocated and nine core stores were refitted, with a further 30 refits to be completed by the end of the first half. In addition, Comet has started to implement the initiatives outlined in June on product mix, rebranding and a new internet platform, all in readiness for the peak trading season."

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