The logo of electrical products retailer Darty in Paris
Fnac Darty reported on Wednesday a 0.7% increase in its turnover in the first quarter, the drop in activity in France and Switzerland having been offset by the recovery in the Iberian Peninsula.
The French specialized distribution group recorded sales of 1.79 billion euros over the first three months of the year.
France and Switzerland, the group’s largest market where sales fell by 0.7%, contributed 1.46 billion euros to turnover. In the Iberian Peninsula (Spain and Portugal), sales growth reached 15.5% to 179 million euros.
“The first quarter showed a level of activity in line with previous quarters. The timetable for the recovery of volumes remains uncertain,” commented Fnac Darty in a press release.
The group confirmed its objective of a current operating profit for 2024 at least equal to that of 2023 and a cumulative free operating cash flow of around 500 million euros over 2021-2024, i.e. a level of 180 million euros for this year.
(Written by Augustin Turpin, edited by Blandine Hénault)