Kingfisher's sales growth held back by soft French market

B&Q notched up respectable sales growth of 3.5% as Kingfisher's total revenue grew 1.8% to £2.96 billion
B&Q notched up respectable sales growth of 3.5% as Kingfisher's total revenue grew 1.8% to £2.96 billion
Author

23 November, 2016

Kingfisher, owner of B&Q and Screwfix, has reported growth in sales in the third quarter thanks to strong demand in the United Kingdom and Ireland and Poland. In France, sales fell 3.6% on the same basis while sales in Poland rose 6.7%.

Like-for-like sales increased 1.8% year-on-year to £2.96bn ($3.7bn) in the three months to 31 October, following a 3% growth in the previous quarter.

Europe's largest DIY retail group highlighted the performance of Screwfix, where like-for-like sales grew by 12.7 per cent to £343 million.

Kingfisher highlighted another strong period for Screwfix, as sales generated a 23.1% uptick to £343m, whilst also indicating a strong performance from its global markets with Poland driving sales up by 26.7% to £338m.

Here in the United Kingdom, underlying growth was 5.8%. The 52 week high shares of Kingfisher PLC have reached is 390.6 whilst the 52 week low for the company's shares is 300.1.

France's sales climbed 16 percent in the quarter to 1.15 billion pounds. It has so far returned 182 million pounds.

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She added: "Q3 trading conditions have followed a similar trend to the first half".

"We remain confident in our ability to deliver our ambitious plan, based on always putting customer needs first, supported by the expertise and energy of our colleagues", chief executive Véronique Laury.

Kingfisher, which owns retail stores B&Q and Screwfix, reported a solid Q3 trading update in which it stated that performances in the United Kingdom and Poland helped lift like-for-like sales.

It also said today that its five year transformation plan, launched in January, was on track.

In London, Kingfisher shares were trading at 358.50 pence, down 3.03 percent.


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