9 of its turnover over six months and 11

To have known, in the early 1990's, a severe crisis of consumption, with a decline in sales of the order of 3 at comparable surfaces, Jean-Noël Labroue, the Director General of the British group Kesa, Comet and Darty owns, could display yesterday his "confidence in the future" in commenting on the accounts of the company for the last time. However, he spent hand early January to Thierry Falque-Pierrotin, President and CEO of Redcats distance selling group so far (La Redoute, etc.), in "a very degraded economic situation", and no prospects in the short term "for improvement of the market." Already, the semi-annual results of Kesa reveal a "further degradation in relation to the first quarter".

The Distributor has announced a net loss of 99.9 million pounds (112 million euros) in the first half (closed October 31), for a turnover of 2.18 billion, an increase of 0.4 at constant exchange rates and fell by 5.5 to equal surface. Operating loss emerged at 101.7 million pounds, because of loads of 114,4 million related to the devaluation of the Spanish group, Menaje assets del Hogar, a company acquired in July 2007 for 100 million euros (excluding debt) with a turnover of 271 million and a gross surplus of 17 million on its 2006-2007 fiscal year operating. "We had anticipated a mild recession market in this country, but not of the order of 20 to 30.". But we have not changed his mind. "The Spain is a strategic market and the company gives us the departure platform to develop the"business model"known", explains Jean-Noël Labroue in an interview with the "echoes". In a sector which remains to consolidate, "there will be a restructuring which opens opportunities of growth accelerated in the medium term," he added.

"Resist".

In the United Kingdom, where Comet has registered a decline of 7.9 of its turnover over six months, and 11.6 to equal surface, for a result from operations (Ebit) loss of 8.1 million (against a profit of 10.6 million a year earlier), and a margin trade declined by 1 point, "our battle plan, it is to resist", explains Jean-Noël Pennock. "We are prepared for a continuation of current trends, including on the margin, but I was not considering that Comet is losing money on the exercise." The chain end positive both Ebit only in cash.

Except in the United Kingdom, Kesa was able to maintain margins. In France, in a market to 5.5 in the first half, according to the GfK Institute, Darty has remained resilient, with a turnover in withdrawal of 0.7 and 3.8 to equal surface. The programme of modernization of the Park will be continued. In other countries, Darty registered growth of more than 5 in Italy (with margins are improving), of the order of 7 to 8 in Czech Republic and Slovakia (where, under the name, the Distributor has reached critical mass), positive with equal surface of Switzerland, while the Turkey "develops at any speed", welcomed the Director General of Kesa, seeing the demonstration "that our model works. Finally, in Belgium and the Netherlands, Vanden Borre and BCC recorded stagnation sales to equal surface on a "business leaders and cost-effective".

Overall, the Group has invested in the first half 74 EUR 60 million for the same period a year earlier, identical perimeter.

Finally, Jean-Noël Labroue insists on the financial health of Kesa, with "cash flow production remains of high quality, and a positive cash flow in late October situation which, to my knowledge, is rather rare on this date in the distribution sector". Directors have not decided to reduce the interim dividend to 1.75 pence per share against 3.50 in 2007. The markets were not appreciated. The action still lost 13.48, to 88,25 pence, showing a decline of more than 60 since the beginning of the year.