Kesa Electricals Share Discussion Threads

[maywillow] 29/9/2003 17:43

extract from Advfn News bulletin



Dixons was among the sharpest fallers in London's equity markets ahead of tomorrow's deadline for the Competition Commission to submit its report into extended warranties to the government.

Dixons shares ended down 2-3/4 pence to 136-1/4, a fall of nearly 2 pct.

"We are not expecting any announcement at this stage, since the CC apparently intends to submit its findings in secret, although we cannot rule out the possibility of a leak," said Morgan Stanley.

[maywillow] 19/9/2003 09:14

Powerhouse

[maywillow] 18/9/2003 00:42

(Adds more detail throughout)
LONDON (AFX) - Kesa Electricals PLC reported a 7.9 pct drop in headline
profit as it fell victim to the weak French home decor market and declining
sales of extended warranties in the UK.
The appliance and furniture retailer that demerged from Kingfisher PLC in
July unveiled retail profit -- operating profit before one-off charges -- of
52.8 mln stg, down from 57.3 mln a year earlier and below market forecasts of
57-59 mln.
Turnover for the 26 weeks ended Aug 2 from its Comet, BUT and Darty chains
grew 9 pct at 1.6 mln stg.
But using constant exchange rates during the period, the increase was 2.3
pct with like-for-like sales decreasing 0.8 pct. Underlying sales were flat in
the second quarter.
But the company said it was detecting some positive signs of improving
consumer spending patterns, but didn't give an update on sales trends.
"Whilst we remain cautious on prospects for a sustained market recovery, we
have had an encouraging start to our second half," the company said.
"Our businesses are well-placed to improve their performance through a
combination of continued control on costs across the business, margin management
initiatives and the ongoing store opening investment programme."
Net debt was 407.6 mln stg, up from 368 mln a year ago and the company said
it is paying a 2.5 pence a share interim dividend.
ijl/cw

[waldron] 10/9/2003 09:17

Extract from Advfn News Bulletin



Dixons' gross margin will provide another leading indicator. Last year's
strong sales rise was partly offset by a declining margin, a trend that
continued into the second half.
Morgan Stanley expects to see UK margins contract by a further 20 basis
points -- although it highlighted that recent management guidance would suggest
upside.
Said Merrill Lynch: "There seems to be rather more control and focus than
there was in January, when the company feared that the UK consumer slow-down was
upon us. It may well be, therefore, that the rally in the share price can be
sustained by the AGM statement."
Dixons' comments will provide a read-through to other electronics retailers,
including Kesa.

[maywillow] 08/9/2003 17:56

Extract from Advfn News Bulletin

Elsewhere, electricals retailer Dixons was a cautious market ahead of an AGM trading update due Wednesday, with the stock shedding 1-1/2 pence to 140.

Merrill Lynch, recommending a 'sell' on Dixons, said to expect flat UK like-for-like sales with a deteriorating trend through Christmas. It described the retailer as "operating with High street costs and an out-of-town gross margin".

[maywillow] 08/9/2003 13:41

he Powerhouse Warranties Saga

[waldron] 04/9/2003 13:14

Could the purchase of Powerhouse be all but a stepping stone.

A Sample of things to come. Does Pacific have the muscle?

[waldron] 03/9/2003 17:00

LONDON (AFX) - PowerHouse's joint administrative receivers, Nick Dargan and
Neville Kahn of Deloitte & Touche, have concluded a deal to sell the electrical
retailer as a going concern to New Zealand's Pacific Retail Group (PRG).
PRG has taken over 142 sites, a majority of the operating infrastructure and
staff, and intends to retain the PowerHouse brand.
No financial details were disclosed.
The sale preserves over 2,000 jobs in PowerHouse, Dargan said in a
statement.
Pacific Retail Group is involved in consumer retail, consumer finance,
property and apparel, operating the largest appliance retail group in New
Zealand, under the brands Noel Leeming, Bond and Bond, Big Byte.
The receivers had earlier said that they had received "a number" of initial
enquiries for UK's third largest electrical retailer which collapsed into
administration.
The administrators said the enquiries were "both in respect of the business
as a going concern and for elements of the group's property portfolio", but did
not identify the suitors.
Dixons Group PLC, the UK's largest electrical retailer had said it was
interested in acquiring some PowerHouse sites and was keen to recruit some of
the firm's staff. Kesa Electricals PLC, the UK's number two electrical retailing
player, said it was "monitoring the situation" regarding the cherry-picking of
stores.
[e-mail]
ra

[grupo guitarlumber] 29/8/2003 19:27

Powerhouse Warranties

[waldron] 27/8/2003 19:26

A little bit of dis, and a little bit of dat.

[waldron] 26/8/2003 17:16

LONDON (AFX) - Deloitte & Touche, administrative receiver of PowerHouse,
said it has received "a number" of initial enquiries regarding the UK's third
largest electrical retailer which collapsed into administration last week.
The administrator said the enquiries were "both in respect of the business
as a going concern and for elements of the group's property portfolio", but did
not identify the suitors.
"We are working with a number of parties who have expressed interest and are
providing them with further financial information. During this period we are
continuing to trade from the 130 stores that now form the core part of the
business," said Deloitte & Touche partner Nick Dargan.
"It is hoped that the position will become clearer within the next seven
days," he added.
Just prior to administration PowerHouse took the decision to close 93 of its
223 UK stores. The store closures will take place on August 29, resulting in 815
redundancies -- 613 among superstores and 202 among high street shops.
Dixons Group PLC, the UK's largest electrical retailer, said last week it is
interested in acquiring some PowerHouse sites and is keen on recruiting some of
the stricken firm's staff. Kesa Electricals PLC, the UK's number two electrical
retailing player, said it was "monitoring the situation" regarding the
cherry-picking of stores.
Meanwhile weekend reports said GUS PLC, owner of Argos and Homebase, is
interested in either acquiring the whole PowerHouse business or certain sites.
At 3.56 pm shares in GUS were down 16-1/4 pence at 704, while Dixons was
down 2-1/4 pence at 137-1/2 and Kesa was down 7-1/2 pence at 216-1/4.
jdd/slm/

[waldron] 26/8/2003 09:09

Extract from the Advfn email Bulletin

GUS and Dixons are both in talks to acquire all or
part of PowerHouse, the electrical retail chain that collapsed into receivership
last week, according to the weekend press.