Kesa has reported like-for-like sales across its electricals business were down 6.1 per cent in its full year to April 30, with total sales up 8.3 per cent.
Like-for-like sales at its UK Comet chain dropped 7.7 per cent on a like-for-like basis for the year, with total revenues down 5.1 per cent. It said it was continuing to improve efficiencies at Comet with the consolidation of its distribution and service centres, which have led to redundancies across the group.
Kesa chief executive Thierry Falque-Pierrotin said: “During the period, overall the group traded in line with its markets. A strong focus on managing gross margin and costs helped us deliver a cash flow and retail profit performance for the full year in line with expectations.
“A series of initiatives across the group are under way to prepare us for another challenging year.”
Its Spanish business Menaje Del Hogar is also undergoing a restructure following difficult market conditions in Spain. Retail loses for that business have been higher than expected at around €26m (£23.3m). Kesa will close stores, a distribution centre and warehouse as well as cutting jobs to try and stabilise operations there.