Kingfisher sales get sunshine boost in UK but fall in France, Poland
Kingfisher PLC on Wednesday said it made a ‘good start’ to its new financial year, mostly thanks to fine spring weather in the UK and Ireland.
The London-based DIY and home improvement retailer owns the B&Q, Screwfix, Castorama and Brico Depot brands.
It reported total sales of £3.31 billion in the its financial first quarter, which ended April 30, rising 1.6% from a year before. Total sales were up 2.2% on a constant currency basis, and like-for-like sales were up 1.8% at constant currency.
This was driven by a 6.1% growth in sales in the UK & Ireland, boosted by ‘favourable weather’ and offset by a 4.9% decline in sales in France. Poland recorded a 0.4% slip in sales for the three-month period, with ‘current geopolitical factors adversely impacting the Polish consumer’, while other international regions collectively saw 2.5% sales growth.
‘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,’ said Chief Executive Officer Thierry Garnier.
Kingfisher maintained its full-year guidance for adjusted pretax profit between £480 million and £540 million, against £528 million the year before.
Shares were down 2.8% at 287.60 pence in London early Wednesday.
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