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PARIS, Feb 20 (Reuters) - French electronics goods retailer FNAC Darty, which like many in its sector has been impacted by the country’s “Yellow Vests” protests, reported higher profits and confirmed targets for stronger margins and outperforming its market.
FNAC Darty also shrugged off vague bid talk amongst some traders regarding SFAM, its second-biggest shareholder, by saying it had not received any particular demands from SFAM.
Current operating profits for 2018 rose 10 percent from the previous year to 296 million euros ($336 million), while the operating margin advanced by 0.4 points to 4.0 percent.
In January, FNAC Darty had said the anti-government “Yellow Vests” protests in France - which have disrupted cities and business districts across the country - would hit revenues.
Nevertheless, it added it had still managed to eke out growth despite the difficult climate.
“We confirm our medium-term objectives of higher growth than our markets and a current operating margin of 4.5 percent to 5 percent,” said FNAC Darty chief executive Enrique Martinez.
German company Ceconomy owns around 24 percent of FNAC Darty, while insurance broker SFAM holds 11 percent.
$1 = 0.8802 euros Reporting by Pascale Denis; Editing by Leigh Thomas/Sudip Kar-Gupta