Electrical and electronic retailer Darty Plc. (DRTY.L) reported that loss attributable to Owners of the parent for the year ended 30 April 2013 narrowed to 102.1 million euros, from last year's 312.2 million euros, loss per share narrowing to 19.4 cents from 59.2 cents in the prior year.
The loss for the year from continuing operations was 75.7 million euros, compared to profit of 16.2 million euros in the prior year.
During the period, exceptional items before tax for the Continuing Group of 115.3 million euros (2012: 34.6 million euros) were incurred relating to the closure of Darty Spain, asset impairments and restructuring charges.
As a result of the exceptional charges of 115.3 million euros, the reported loss before tax was 72.5 million euros, compared to profit of 38.6 million euros last year.
The adjusted profit before tax was 26.4 million euros, compared to 78.7 million euros last year. Adjusted profit before tax excluding Spain was 43.4 million euros, compared to 94.2 million euros in the prior year.
Group revenue at 3.80 billion euros, was down 2.4 per cent on a reported basis and 2.5 per cent in constant currency. Excluding the impact of the sale of Darty Telecom in July 2012, total revenue was down 0.7 per cent. On a like-for-like basis Group revenue fell by 1.1 per cent, with a deterioration in trading conditions and increase in competitor promotional activity through the year.
"The year ahead will be challenging and we anticipate that market conditions and product mix will continue to put pressure on margins. We aim to mitigate this through our cost saving programmes which, given the implementation timeframe, we expect to be more weighted to the second half. Over the medium term, our review of the business has identified plans that will deliver an improvement in earnings and we will deliver these through the '4Ds' - Driving trading, Digitalising Darty, Developing the brand and Delivering cost efficiency," the company said.
The company said its board has recommended a final dividend of 2.625 cents per share. The final dividend date will be 11 September 2013, the record date will be 13 September 2013 and the payment date will be 4 October 2013.
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