LONDON, June 19 Darty, Europe's No. 3
electrical goods retailer, posted an expected slump in year
profit, hit by weak economies in the euro zone and a structural
shift to online sales.
The firm, which trails Metro's Media-Saturn and
Dixons Retail by annual sales, said on Wednesday it
made an underlying pretax profit of 26.4 million euros in the
year to April 30.
That compared with analysts' consensus forecast of 25
million euros, reduced after a February profit warning, and was
down on the 78.7 million euros made in 2011-12.
Darty, which trades from over 450 stores, has responded to
the downturn by exiting loss-making operations in Britain, Italy
and Spain and focusing on its core markets of France, Belgium
and the Netherlands as well as reducing costs.
After taking account of discontinued operations and booking
exceptional costs of 115.3 million euros, the firm made a total
loss of 105.3 million euros.
Darty did, however, maintain its full year dividend at 3.5
cents, saying it was confident of an improvement in earnings
over the medium term.