Feeds

Comet to make 'small loss'

More miserable news from the high street

  • alert
  • submit to reddit

Beginner's guide to SSL certificates

There was more depressing news from the high street today as Kesa Electricals - Europe's third largest electrical retailing group - reported that its Comet chain is expected to make a small loss for the first half of the year.

Sales for the three months to the end of April at UK-based Comet dipped 1.6 per cent to £316.7m with like-for-like sales slipping 2.2 per cent.

While the sale of digital products such as cameras was "good", a slowdown in consumer spending hit white goods such as fridges and washing machines as soft trading at the start of the year continued throughout the quarter before going further down hill in April.

"As a result of the difficult market conditions and after taking actions to manage margins and implement cost savings, we now expect Comet to make a small loss in the first half," said the company in a trading update today.

Said Kesa chief exec Jean-Noel Labroue: "Comet's performance in the first quarter reflects the difficult market conditions in the UK. The company has already reduced its cost base and will take further action if these conditions persist."

Earlier this month high street rival Dixons reported that it too has been hit by weaker consumer spending, warning of tough times ahead.

In the six months to the end of April, like-for-like sales in the UK - with stores including Currys, Dixons, PC World and The Link - fell two per cent. Demand for gear such as flat screen TVs helped increase sales at Currys and Dixons, but this growth was undermined by a slide in sales at PC World (by eight per cent) and The Link (by nine per cent) over the same period. ®

Related stories

Consumer sales and laptops fuel UK market growth
Weak consumer spending hits Dixons
Dixons looks to Russian Eldorado for growth
Dixons mulls The Link sell-off

The next step in data security

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Bono: Apple will sort out monetising music where the labels failed
Remastered so hard it would be difficult or impossible to master it again
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.