Boxing Day clearance blow for Comet

Poor trading in the Boxing Day clearance period tightened the squeeze on electricals chain Comet after it reported a 15 per cent slump in sales.
By The Newsroom
Published 20th Jan 2012, 06:00 BST

The company, which is within days of being sold to retail turnaround firm OpCapita, reported an improving sales trend before Christmas but this was offset in the days leading up to New Year.

Revenues between November 1 and January 8 were down by 14.5 per cent on a like-for-like basis, while sales generated through its website were flat.

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It is the latest trading blow for the chain, which operates 248 stores and has about 10,000 staff in the UK.

The business recently posted losses of £22m for six months trading after revenues slid by more than 18 per cent on a same-store basis in the face of the consumer spending squeeze.

Comet’s current owner Kesa Electricals recently called time on its ownership by agreeing to sell the chain for £2 in a deal that will still see it pump £50m into the business and take on the firm’s pension scheme.