Kingfisher Q1 sales cool in bad weather conditions
B&Q and Screwfix owner Kingfisher (LON:KGF) saw like-for-like sales decline by 4.0% in constant currency terms over the quarter ended 30th April. Management attributed three quarters of the decline in sales to bad weather conditions which impacted footfall, sales of weather-related products, and caused temporary store closures in the UK.
Get the latest from Master Investor directly in your inbox – Sign-up HERE for FREE
Most of the firm’s international businesses also struggled, though there were a few bright spots. Most notably, Screwfix posted solid sales growth in both the UK and Germany.
Chief Executive Officer Véronique Laury said: “Market conditions continue to be mixed. The UK is uncertain, as demonstrated by recent weak retail sales data; France is encouraging, but volatile; whilst Poland continues to be supportive. We remain confident about delivering the business and customer benefits of our transformation plan”. Shares in Kingfisher were 300.10p at 12:00 BST, up by 1.59% relative to this morning’s open.
Comments (0)