Fnac Darty Reports 9m 2024 Revenue Growth and Upward Outlook Revision

Fnac Darty has released its 9-month 2024 revenue results, showing an increase of 1.0% to €5,238 million on a reported basis. However, on a like-for-like basis, revenue slightly decreased by 0.2%. The third quarter saw sales of €1,849 million, a 0.5% increase on a reported basis. Regions like the Iberian Peninsula showed remarkable growth, with Q3 revenue up by 19.8% on a reported basis.

The gross margin rate improved by over 100 basis points in Q3, excluding franchise impacts. Services experienced notable growth, contributing significantly to the margin increase. Due to these positive results, Fnac Darty has raised its 2024 Current Operating Income target to exceed €180 million, an improvement over the previous target.

The Potential acquisition of Unieuro is advancing, with a revised threshold condition for shares acquisition. The valuation of Unieuro, around €123 per share, has been deemed financially fair by independent advisors. This merger is expected to create a leading European retail entity.