FNAC DARTY: big losses due to the “YELLOW VESTS”

The Yellow Vests put the accounts of Fnac Darty under pressure. The distributor announced Tuesday that the movement in France and Belgium had impacted the group by a loss of turnover estimated at about 45 million euros. The losses are related to the stores’ closures and traffic decreases.

The distributor of cultural products, electronics and appliances, said in a brief statement: “This impact on sales at the end of the year should weigh accordingly on the growth of current operating income expected for the year 2018.”

On the other hand, the group reaffirms its target of 130 million euros of synergies at the end of 2018 related to the Fnac Darty integration, which is ending “in accordance with the plan”. It also confirms its medium-term objectives, which aim for growth above its markets and a current operating margin of 4.5% to 5%. Fnac Darty is expected to report fourth quarter and full-year sales, as well as the group’s 2018 financial results, on February 20, after market close.