Comet has reported that its like for like sales fell by 7.7 per cent, while total revenue for the year dropped by 5.1 per cent.
Comet’s parent group, Kesa has stated that it will improve efficiency by consolidating its distribution and service centres, according to Retail Week. Redundancies are expected.
“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,” said Kesa’a chief executive officer Thierry Falque-Pierrotin.
“A series of initiatives across the group are under way to prepare us for another challenging year.”
Kesa is expected to close an undisclosed number or stores, a distribution centre and a warehouse as well as cut jobs.
Advertisement
Related Stories
- Vendor job cuts rumoured to be on the way May 21st 2012 at 1:21PM
- Comet responds to Microsoft lawsuit Jan 4th 2012 at 4:08PM
- Microsoft sues Comet Jan 4th 2012 at 11:35AM
- Comet reports half-year loss Dec 7th 2011 at 10:26AM
- Comet opens online store with eBay Nov 30th 2011 at 1:25PM
- Comet sells for £2 Nov 9th 2011 at 9:45AM Number of comments: 1
- Kesa looks to keep partial post-sale share of Comet Oct 21st 2011 at 11:14AM
