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Thursday May 31st 2007
Good weather boosts Kingfisher
Archived article dated Thursday May 31st 2007
Good weather across Europe drove early seasonal demand for gardening and outdoor products.
Group sales for the 13 weeks ended 5 May jumped 14.8 per cent on a constant currency basis and like for like sales by 6.7 per cent, driving retail profit up 29.9% on constant currency to £88.6m. Sales at B&Q were up 11.9 per cent to £1.06bn and 5.9% like for like, reflecting strong sales of outdoor products and kitchens. UK sales came in 13.3 per cent better, lifting profit by 61.6 per cent to £35.4m.Gerry Murphy, Group Chief Executive, said 'Kingfisher delivered strong sales and profit growth in the first quarter as good weather across Europe drove early seasonal demand for gardening and outdoor products. The year has started well, although it is still early days with the summer outdoor season still to come. 'Whilst the outlook for our international markets is generally positive, and we are pleased with progress on B&Q's development plan, we remain cautious on the UK market with demand for bigger home improvement projects likely to be sensitive to interest rates.'
Tagged as: b and q | kingfisher
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