Kingfisher Q1 sales flat
Kingfisher says sales were flat at £2.64bn in the quarter to 1st May, down 1.8% on a like-for-like basis
Kingfisher France total sales grew 2.2% to £1.1bn and retail profit grew 17% to £60m, benefitting from gross margins up around 100 basis points.Castorama total sales grew by 4% to £585m and Brico Dépôt, which more specifically targets the trade professional, delivered flat total sales of £480m.Kingfisher UK & Ireland total sales were down 2% to £1.166bn. Retail profit, however, grew 13.2%.B&Q UK & Ireland total sales were down 2.1% to £1.048bn. Retail profit grew 12% to £67m.
Ian Cheshire, Group CEO, said: "We have continued to deliver solid profit growth in a tough first quarter during which our customers were impacted by adverse weather conditions across Europe and ongoing economic uncertainty.
"Sales were disrupted at the start of the quarter by heavy snow, and the prolonged cold weather also delayed the start to the outdoor spring season, contrasting with favourable conditions the previous year. However, our self-help initiatives helped us deliver flat sales whilst improving gross margin and cost productivity with the result that profit grew 12%.
"Whilst this is a good start to the year, our first quarter is typically one of the least significant contributors to annual profit and so there is much still to do this year. The headwinds we anticipated at the start of the year look set to continue, but we are in good shape and well prepared.
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