By Marcus Leach
Kesa, owners of Comet, have announced that revenues at the electrical store have plummeted by 22% in the last three months.
Weak trading and a hugely successful year in 2010, due to the football World Cup, were major contributing factors according to Kesa, Comet's French parent company.
Trading also slumped at the firm's non-UK businesses, although market share and profit margins improved.
Kesa's chief executive will now make an announcement before the end of the year concerning the future of Comet.
"We announced at our full-year results in June that in parallel to a turnaround plan at Comet, we'd assess other strategic alternatives," said Thierry Falque-Pierrotin. "The process is ongoing.
"The start of the year has been tough against the strong World Cup comparatives of last year and weakening market conditions.
"We will continue to implement our strategy of growing a cross-Channel, service-led, specialist model, adapting our plans to meet an increasingly challenging market environment."