Kesa sees yearly revenues fall

Comet chain sees ?23 million in retail losses, announces future consolidation
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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.