(Reuters) – Fnac Darty reported a drop in its annual operating profit on Thursday, with the particularly strong drop in activity in Spain having weighed on results.
The French specialized distribution group recorded current operating income of 171 million euros for the 2023 financial year, down 60 million euros year-on-year but in line with the consensus published by Fnac Darty.
The group’s turnover for the period stood at 7.88 billion euros, compared to 7.95 billion euros a year ago.
“Half of this development comes from the particularly strong drop in activity in Spain and at Nature & Découvertes in the fourth quarter,” the group said in a press release, adding that the balance also reflects the group’s operational costs.
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Fnac Darty announced that it would propose a dividend of 0.45 euros per share at its next general meeting of shareholders in May.
The group also confirmed that it is targeting a cumulative free operating cash flow of around 500 million euros over 2021-2024, as well as a current operating profit at least equal to that of 2023.
(Written by Augustin Turpin, edited by Sophie Louet)
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