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Kingfisher quarterly comparable sales decline

Kingfisher quarterly comparable sales decline

Poorer weather this year contributed to the decline at the home improvement and garden retailer, according to the DIY retailer's second quarter trading update.

Total like-for-like sales fell 1% in the United Kingdom, while the group as a whole recorded a 1.9% fall.

According to Davy analysts, the performance was "modestly worse" than Davy's own expectation.

The business, which owns B&Q and Screwfix in Britain and Castorama and Brico Depot in France, said the poor sales were mainly due to a slowdown at B&Q, poor sales in France and the disruption from restructuring plans.

On a like-for like basis, group sales was down by 1.9% at constant currency, comprising a 1.0% decline in UK & Ireland sales, and 3.8% decline in France.

Shares in the group were the biggest fallers in the FTSE 100, dropping just over 3% to 297p.

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Sales at B&Q tumbled in the second quarter, with the firm blaming wetter than usual summer weather for the slump. The company hopes the transformations will lead to £500 million more in profit each year by 2021. Screwfix's like-for-like sales rose by 10.8%.

"Q2 has broadly followed a similar course to Q1 although B&Q's performance was impacted by seasonal swings across Q1 and Q2".

The group's overall performance was also disrupted by its so-called "One Kingfisher" strategy to overhaul the business. "We remain on track to deliver our Year Two strategic milestones, and look forward to updating you on our wider progress in more detail at our first half results", Laury added.

"We have also continued to experience some disruption across the businesses, although on an improving trend". B&Q stores, the consumer home improvement chain in the United Kingdom, fell 4.7%, hit particularly badly by a drop off of 10.7% of seasonal sales compared with a particularly strong season during the same period previous year.

Kingfisher said it was comfortable with analysts' average forecast of underlying earnings per share of 26p for the full 2017-18 year.


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