Kingfisher begins sales recovery but shares keep falling
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FTSE 100 retail firm Kingfisher (LON:KGF) increased sales by 3.4% during the quarter ended 31st July, with the improvement driven by a strong UK performance. Internationally, sales in Russia contracted by 10.9% while those in Romania and Germany grew sharply.
Chief Executive Officer Véronique Laury commented that: “We started our transformation two and a half years ago and are on track to deliver our strategic milestones for the third year in a row.
“In Q2, I’m pleased that we grew our sales after the exceptionally harsh weather conditions in Q1. In B&Q, Screwfix and Brico Dépôt France we delivered good sales growth. However, the performance of Castorama France has been more difficult and as a result we have put additional actions in place to support our full year performance in France with the benefits expected to come through in H2.”
Shares in Kingfisher dropped by 3.12% to 279.40p (as of 14:00 BST).
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