Fnac Darty third-quarter like-for-like sales rise 1.8%, revenue reaches 2,509 million euros
Key Facts
Fnac Darty reported a 1.8% increase in third-quarter like-for-like sales against the restated year-earlier period in its results statement issued on 21 October 2026. Group revenue for the quarter was about 2,509 million euros, with sales growth accelerating from the first half. The company had reported first-half like-for-like sales growth of 0.6%, putting the third-quarter performance at a faster pace. The sales announcement coincides with progress on EP Group's proposed takeover of Fnac Darty, following approval from the European Commission. The company described that approval as the last expected for completion of the transaction, which offers cash consideration of 35 euros per share.
Fnac Darty's revenue through the end of September was about 6,966 million euros, according to the company's sales results statement. Online sales rose 5.3% year on year over the same period, with the online channel recording growth within the group's operations through month-end. The gross margin rate rose 40 basis points over the year-to-date period compared with the restated year-earlier period. The company attributed the improvement mainly to a higher contribution from services, alongside a favourable product mix. It said in its statement that the margin improvement was underpinned by "services activities, as well as a favourable product mix", linking the profitability trend to the nature of the activities and products sold.
First-half results had shown a continuing recurring operating loss, alongside an improvement from the year-earlier period, according to the company's announcement for that period. The loss was 34 million euros, which Fnac Darty described as a 10% improvement in recurring operating income. Operating expenses stood at about 1,325 million euros at the end of June 2026, according to figures in the first-half results statement. The company compared that figure with operating expenses of 1,302 million euros in the restated year-earlier period, leaving expenses above their comparable level. The improvement in first-half recurring operating income thus came alongside higher operating expenses, while the company attributed the gross margin improvement through September to services and product mix.
On the takeover, Fnac Darty said EP Group's proposal had received European Commission approval under merger control procedures. The company announced the development in a statement dated 20 October, before the third-quarter sales announcement, as an update on the transaction presented to shareholders. The European decision completed the last approval expected for the deal, according to the company's description in its regulatory approval announcement. The offer to shareholders provides for cash consideration for their shares, under the terms set out in the transaction timetable announcement. The outcome of the offer remains subject to fulfilment of the specified ownership condition at the end of the initial acceptance period, alongside the announced progress on approvals.
Under the offer terms announced by Fnac Darty, success requires the bidder's holding to exceed 50% of the company's share capital or voting rights. The condition takes into account the bidder's holding alone or together with parties acting in concert, according to the timetable announcement. Fulfilment of the ownership condition is assessed at the end of the offer's initial acceptance period, which the company has scheduled to close in November. The wording allows the threshold to be calculated on the basis of either share capital or voting rights, while requiring the specified percentage to be exceeded. If the offer succeeds, the transaction arrangements provide for it to reopen to shareholders for at least 10 trading days.
The initial acceptance period for the takeover offer ends on 9 November 2026, according to the transaction timetable announced by Fnac Darty. After the close, the company expects France's Financial Markets Authority to issue a notice of the offer's outcome within a few days, according to the same announcement. The outcome will determine whether the offer has met the success condition tied to the bidder's holding at the end of that period. If it succeeds, the reopening phase begins, with the announcement specifying its minimum duration in trading days as part of the scheduled sequence for completing the transaction. The next specified milestone for shareholders is therefore the close of the initial acceptance period, followed by the French authority's notice of the outcome and then reopening subject to success.