Kingfisher sales tick up as boss prepares to exit.
Byline: JOE CURTIS @joe_r_curtis
3.64% JOE CURTIS @joe_r_curtis B&Q OWNER Kingfisher said sales edged higher in its latest quarter, thanks to warmer weather and a weaker corresponding period last year.
UK and Ireland sales rose 5.4 per cent in the three months to the end of April compared to the same period the year before at B&Q, while like-forlike sales grew 2.8 per cent.
Meanwhile, the hardware giant's DIY brand Screwfix brand enjoyed a much-higher 9.6 per cent annual rise in revenue with a 4.5 per cent hike in like-for-like sales.
Overall like-for-likes rose 0.8 per cent across the group's international brands, and were up 3.4 per cent in the UK, compared to a 3.7 per cent drop in France.
Strong UK growth pushed Kingfisher to PS1.28bn in revenue in the country, while France fell 5.1 per cent year on year to edge just over PS1bn in sales. Poland and Romania both exhibited robust growth of 2.9 per cent and six per cent respectively while overall the firm's international arm expanded 0.7 per cent to PS531m.
"This year we are focused on completing the building of our 'engine' and making our innovation more visible to customers," Kingfisher chief executive Veronique Laury said.
"We are also excited to be launching several new ranges this year which are unique to us and will further differentiate us from our competitors." However, its shares fell 3.6 per cent yesterday as B&Q continued its hunt for Laury's replacement.
Her decision in March to quit came as a surprise amid store closures, a double-digit drop in profit and midway through a five-year turnaround plan. The FTSE 100 will have just five female bosses after her departure.
No firm date has been set for Kingfisher chief Veronique Laury's departure
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|Publication:||City AM (London, England)|
|Date:||May 16, 2019|
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