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Darty swings to first-half loss; to review non-core operations
December 12, 2012 / 7:41 AM / 5 years ago

Darty swings to first-half loss; to review non-core operations

Dec 12 (Reuters) - Darty Plc, Europe’s third-largest electrical goods retailer, said it was working on eliminating losses in its non-core markets as part of a strategic review of its operations.

Electrical goods retailers in Europe are fighting a fall in demand and deep discounting by online retailers as the region grapples with high unemployment, brutal government spending cuts and rising prices.

The France-based retailer, formerly known as Kesa, said it would review operations in Spain, the Czech Republic, Slovakia, and Turkey, and strengthen its developed businesses in France, Belgium and Netherlands.

Darty sold its loss-reporting Italian operations last month.

The company posted an adjusted loss before tax of 10.8 million euros ($14.04 million) for the six months ended Oct. 31. It reported a profit of 12.1 million euros a year earlier.

Revenue fell 1.7 percent on a like-for-like basis.

The company said Finance Director Dominic Platt will serve as interim chief executive until it finds a replacement for Thierry Falque-Pierrotin, who stepped down in September.

Darty shares closed at 47.5 pence on the London Stock Exchange on Tuesday, valuing the business at about 251 million pounds.

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