Electrical retailer Kesa's retail profit has dropped 71% to £13m in the six months to 31 October.
Its UK chain Comet posted losses of £8.1m, on last year's profits of £10.6m while like-for-like sales dropped 11.6%.
Comet reported total revenue of £723.3m, down 7.9% on the same period last year.
Kesa said its French chain Darty delivered a ‘solid performance’ with market share gains. While its Spanish chain Menaje del Hogar made losses of £8.7m.
Jean-Noel Labroue, Kesa chief executive, said: ‘The economic climate across Europe has created very tough trading conditions for all our businesses, particularly in the UK and Spain. But I am satisfied that our strict focus on cash management, stock and capital expenditure, along with margin management and cost control, has allowed us to maintain a strong balance sheet.’
During the period, the group signed a five-year €500m ( £448.12m) revolving credit facility expiring in 2013, replacing the existing €650m (£585.56m) facility which was due to expire in 2010.