(AOF) – Fnac-Darty’s sales reached 1.78 billion euros in the first quarter of 2022, down 2.5% like-for-like and 2% based on reported data in a basic context of very high comparison (comparable growth of 21.7% in the first quarter of 2021). Compared to the pre-crisis level of 2019 pro forma, the distributor recorded sales growth of 7.8%, driven by an increase in the average basket and the conversion rate. Online sales now account for 23% of total group sales.
The gross margin rate was up 40 basis points during the quarter compared to the 1st quarter of 2021, driven mainly by the recovery in ticketing activity and the positive impact of services related to the pursuit the deployment of Darty Max.
Despite the lack of visibility due to the inflationary context and the Russian-Ukrainian conflict, Fnac-Darty confirmed its objectives of achieving cumulative free operating cash flow of around 500 million euros over the 2021-2023 period, and a free operating cash flow of at least 240 million euros at an annual rate from 2025.
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City center stores: a worrying drop in footfall
Between 2013 and 2021, footfall in stores in city centers fell by almost 40%. This drop reached 29.4% for shopping centers over the same period. Procos emphasizes that this movement results in particular from the multiplication of the offer and the development of e-commerce. Small town centers and mega-malls are the most resilient. The former respond to local needs and the latter exert a force of attraction on a regional scale. With the Assises du commerce in December 2021, the government launched three weeks of reflection to outline a vision for 2030 and support the investments necessary for digital and environmental transitions.