Deathwatch: Is Comet fading fast?
The news keeps getting worser and worser for ailing electrical retailer Comet. Amid massive uncertainty over the plans that its parent company Kesa has for it, the latest sales figures are nothing short of diabolical.
Comet has reported a 22.1% like-for-like sales drop in its second quarter, and it’s not all down to certain sections of society stealing their electrical goods instead of buying them.
Kesa chief executive Thierry Falque-Pierrotin has tried to put a positive spin on it all, describing the last quarter as “a transitionary period for Comet” – although we’d prefer to use the word ‘plummety’. He added, “With consumer confidence falling to a low ebb across Continental Europe and the UK, market conditions are likely to remain challenging for some time. In these circumstances we will continue our strategy of growing our cross channel, service led, specialist model while maintaining our focus on the strength of our cash generation and balance sheet.”
So, in a nutshell, they’re still looking to flog it. Any takers? Thought not.