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Kingfisher makes 'solid' start to the year

Kingfisher, the owner of the B&Q DIY chain, has said it made a “solid” start to the year after like-for-like sales increased by 6.2% in the UK and Ireland in its first quarter.

GENERAL MERCHANDISE

Kingfisher makes 'solid' start to the year

Sales at B&Q rose by 3.6% on a like-for-like basis while sales at Screwfix climbed by 16.2%.

Véronique Laury, Kingfisher chief executive, said: "We have made a solid start to the year, trading in line with expectations.

"In addition, I am pleased with the early progress we are making on our operational milestones for this year, the first year of our ambitious five year plan. We continue to feel confident in our ability to deliver our plan, based on putting customer needs first, supported by the expertise and enthusiasm of our colleagues."

Sales in France, where Kingfisher owns the Castorama and Brico Dépôt chains, edged up 0.2% on a constant currency basis while sales in Poland rose by 10.8%.

Meanwhile, like-for-like sales in Russia and Spain declined by 4.5% and 3.2% respectively.

The figures meant that across the Kingfisher group like-for-like sales rose by 3.6% on a constant currency basis while total sales climbed by 5.1% to £2.7 billion.

Kingfisher said the closure of circa 15% surplus space at B&Q remains on track with a further 10 stores closed shuttered in the period. This means the retailer has now completed 40 of the 65 planned store closures.

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