THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Kingfisher profit down 5.9%

Kingfisher, the owner of B&Q and Screwfix, saw its group retail profit drop by 5.9% to £257 million in its third quarter as sales fell in its main markets of the UK and France.

GENERAL MERCHANDISE

Kingfisher profit down 5.9%

In the 13 weeks to 27 October, revenue edged up 0.8% to £2.7 billion at constant currencies while retail profits rose by 0.1% on the same basis. Group like-for-like sales fell by 2.8%.

In the UK, Kingfisher's biggest market, total sales fell by 0.7% to £1.05 billion. On a like-for-like basis sales dropped by 3.8%.  Retail profit grew by 5.5% to £59 million driven by a higher gross margin and cost cutting initiatives.

Ian Cheshire, the group’s chief executive, said: "Following a particularly tough first half, I am pleased that our teams' hard work has delivered a solid profit performance in our third quarter, one of our most significant trading periods in the year. Our markets remain challenging, with consumer confidence still weak and so we maintain our strong focus on margin, costs and cash.

"Kingfisher is in good shape and I remain enthusiastic about our longer-term prospects under our new 'Creating the Leader' programme which will establish us as a world class retailer at helping customers have better and more sustainable homes."

At B&Q in the UK & Ireland, total sales fell by 2.3% to £906 million, dropping 4% on a life-for-like basis. The group said this was a reflection the weak consumer backdrop in the UK and a "particularly challenging" environment in Ireland.

Retail profit grew by 1.7% to £45 million as the retailer benefited  from higher gross margins and operating cost efficiencies including lower bonus provisions.

At Screwfix total sales increased by 10.9% to £149 million boosted by the continued roll out of new outlets, the success of a new  'click, pay & collect' scheme and a redesigned catalogue. Retail profit  rose by 19.8% to £14 million.

 


Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Retail Human Resources Summit
Retail Human Resources Summit
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
The Retail Design Summit 2018
The Retail Design Summit 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Summit 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
National Minimum Wage Breakfast Briefing
National Minimum Wage Breakfast Briefing
20 September 2018
6th Floor 1, St. Martin's Le Grand London, EC1A 4AS
National Minimum Wage Breakfast Briefing