Kesa announces sharp fall in profits

Profits at electrical goods retailer Kesa, which owns Darty, have almost halved in the 2011-12 financial year, compared with a year earlier.

In an "exceptionally difficult" period, full-year profits were 59m euros (£48m; $75m), down from the 102m euros it made the previous year, Kesa said.

Following the sale of UK chain Comet this year, the group will be renamed Darty, it said.

It also said shareholders should expect to receive a sharply lower dividend.

It is proposing a dividend of 3.5 cents, half of what it paid in 2011.