Kingfisher sales growth slows as France applies the brake

Kingfisher sales growth slows as France applies the brake

Kingfisher sales growth slows as France applies the brake

Kingfisher Group sales of £2.9bn were 11.5% ahead in total, and 1.8% like-for-like, after fast total sales growth in global markets - but like-for-like sales falls in the French and Spanish markets.

Within the group, B&Q posted a total like-for-like increase of 3.5% in Q3, although its store closure programme, which is nearly complete, hindered total sales at £900m, down by 3.6% on past year.

Like-for-like sales in France were down by 3.6% in the quarter, partly reflecting less promotional activity.

"Sales have been driven by Poland and the United Kingdom, especially Screwfix, offset by softer sales in France".

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Total UK & Ireland sales grew by 2.8% to £1.2bn, with like-for-like sales up by 5.8%.

At sister company B&Q UK and Ireland, a Leading retailer in IRUK Top500 research, sales of £900m were 3.3% down in total on the same time previous year following a number of store closures.

In a statement, Kingfisher said strong growth in the United Kingdom and Poland had offset poor performance in France.

In other worldwide regions, sales climbed 24.8 percent to 564 million pounds, with a strong 26.7 percent increase in Poland.

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Véronique Laury, Kingfisher's chief executive, said the company's overhaul is on track.

Operations in France continue to weigh on the company's overall performance but interested investors should appreciate that the group's management stated today that it remains confident of delivering its ONE transformation plan.

Kingfisher shares were down 2% in early trading on Tuesday, but have gained more than 12% since the beginning of the year.

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