Business World

0
47

Sales at B&Q owner hit £3.2bn in three months on the back of good weather


Photo: Bloomberg News
Photo: Bloomberg News

Sales at B&Q owner Kingfisher increased 1.6pc to £3.2bn (€3.6bn) on a like-for-like basis in the three months to 31 July.

The performance was boosted by an improved performance of weather related categories, the company said in a trading update today.

In Ireland and the UK sales at B&Q increased 3.6pc to £1bn in the three month period, again driven by the strong performance of weather-related categories.

The performance came despite what the group described as a “continuing weak UK consumer backdrop.”

In France the group reported a decline in sales, which it said reflected a weaker footfall and the impact of transformation-related activity at its Castorama division.

“We started our transformation two and a half years ago and are on track to deliver our strategic milestones for the third year in a row,” Véronique Laury, CEO of Kingfisher, said.

“In B&Q, Screwfix and Brico Dépôt France we delivered good sales growth. However, the performance of Castorama France has been more difficult and as a result we have put additional actions in place to support our full year performance in France with the benefits expected to come through in the second half of the year.”

Gross margins for the first half of the year are expected to be down 40 basis points year-on-year, with “actions in place to improve gross margins in H2.”

Online Editors

!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?’http’:’https’;if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+’://platform.twitter.com/widgets.js’;fjs.parentNode.insertBefore(js,fjs);}}(document, ‘script’, ‘twitter-wjs’);