Kingfisher boosted by strong performance at B&Q
Home improvement specialist Kingfisher has posted an uplift in first quarter sales after a good performance at B&Q in seasonal and big ticket categories.
In the three months to 30 April, total sales rose by 1.6%, or 2.2% at constant currency, to £3.3 billion as like-for-like sales increased by 1.8%.
A like-for-like sales uplift of 7.9% at B&Q was driven by growth in sales of seasonal lines as well as the retailer’s core and big ticket categories. In addition, B&Q’s marketplace penetration reached 45% as the retailer focused on boarding international vendors.
During the period, B&Q completed the conversion of eight stores acquired from Homebase, with six now open and two set to launch by the end of May.
Never Miss a Retail Update!Like-for-like sales at Screwfix grew by 2.9% after trade was boosted by an increase in product range for trade customers. The retailer also benefited from growth in its one-minute click & collect service and Screwfix Sprint delivery offering.
Meanwhile, like-for-like sales in France, where Kingfisher operates Castorama and Brico Dépôt, declined by 3.2%
Thierry Garnier, Kingfisher chief executive officer, said: “We have made a good start to the year with underlying sales growth of 3.1%, market share gains in all key regions and further progress in our strategic priorities.
“Our UK banners performed particularly well, driven by strong seasonal sales and growth in trade and ecommerce.
“We have successfully completed the conversion of eight former Homebase stores, all of which will be operating under the B&Q banner by the end of May.
“France delivered sequential improvement, outperforming challenging market conditions, while Poland, as expected, experienced short-term volatility due to geopolitical factors.”
Reiterating its full year guidance, Kingfisher said it expects full year adjusted pre-tax profit to come in at around £480 million to £540 million,
Garnier added: “It is still early in the year and consumer sentiment remains mixed across our markets.
“We are focused on executing our strategic growth priorities, maintaining discipline on margin and costs, and driving shareholder returns.
“We are confident in delivering our full year guidance.
