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Fnac Darty hikes outlook getting boost from market dynamics, online

Published 21/10/2021, 19:20
Updated 21/10/2021, 19:25
© Reuters. The logo of the retail chain Fnac is pictured at the entrance of a store in Paris, France, February 23, 2021.  REUTERS/Sarah Meyssonnier/Files

© Reuters. The logo of the retail chain Fnac is pictured at the entrance of a store in Paris, France, February 23, 2021. REUTERS/Sarah Meyssonnier/Files

(Reuters) - French retailer Fnac Darty slightly raised its full-year guidance on Thursday with revenue growth now seen to be above 5%.

The seller of books, music and electrical equipment, which previously expected growth to be about 5%, said it expects 2021 current operating income to be in the upper end of the previous guidance of a range of 260 million-270 million euros ($302 million-314 million).

Retailers have seen their in-store sales rebound in recent months as shoppers returned after months of pandemic-related closures, while online sales continued to grow.

Fnac Darty's total group sales for nine months were up 12.7% compared to the same period last year, with online sales accounting for 26% of revenue in the period.

While global retail markets face supply chain disruptions ahead of peak shopping season, Fnac Darty's CFO Jean-Brieuc Le Tinier said on a call with reporters that the group was not experiencing any problems at the moment.

He said that despite a certain pressure on telephony and IT products the company was less affected thanks to its market share of high-end products, which offer higher margins and are less prone to get hit from raw material prices and inflation.

© Reuters. The logo of the retail chain Fnac is pictured at the entrance of a store in Paris, France, February 23, 2021.  REUTERS/Sarah Meyssonnier/Files

Fnac Darty sales for the third quarter came in at 1.85 billon euros, down 0.5% year-on-year.

($1 = 0.8591 euros)

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