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Home and garden DIY trend boosts Kingfisher

Kingfisher has reported a 0.7% rise in like for like sales at B&Q in the UK.

CITY & CORPORATE

Home and garden DIY trend boosts Kingfisher

Total group sales rose 1% in constant currencies in the 10 weeks to 11 July, but fell 2% on a like-for-like basis.

In the UK, B&Q total

sales grew 1.5% whilst Screwfix sales declined by 6.0% .

Castorama sales grew 1.1% (-0.8% LFL), supported by its modernisation programme. Brico Dépôt sales were down 0.9% (-5.6% LFL), impacted by continued weakening trade demand from a slow down in housing starts and big project planning consents.

Ian Cheshire, Kingfisher's Group Chief Executive, said:

'We have continued to perform well in a tough environment, profitably growing market share, strengthening our leadership position in Europe and progressing our seven point Delivering Value plan. B&Q in the UK was again stronger than anticipated as it continued to capitalise on the growing trend for home and garden DIY, low cost room makeovers and competitor withdrawal in the bigger ticket categories.

'Right across the group our now well established focus on driving profitable sales, whilst vigorously controlling costs and cash, is serving us well as we trade through these difficult times.'

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