Kesa Electricals sees profits rise despite Comet losses
Comet chain owner Kesa Electricals has seen its half-year profits rise almost fourfold after strong sales growth in Europe offset losses in the UK.
Kesa made a pre-tax profit of £22.9m (27.2m euros) in the six months to 31 October, up from £6m a year earlier.
The losses at Comet widened to £5.4m from £1.5m, which Kesa said was due to tough trading conditions and the cost of revamping a number of stores.
Revenues at Kesa rose 4.1%. Profits at its French business Darty were up 16%.
Kesa chairman David Newlands said: "The group continues to trade robustly in challenging market conditions."
The London-based firm's group-wide half-year revenues totalled £2.4bn.
Kesa added that internet sales across its businesses rose by 23% compared with a year earlier.
It is also rolling out its Darty brand in Spain, and expanding its Darty store network in Italy.