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Kingfisher reports "solid" Q3 performance

Published: 22 November 2016 - Jenny Wonnacott

B&Q and Screwfix parent company Kingfisher has reported on its third quarter, with like-for-like sales up 1.8%, bringing total revenues to £3bn, largely, it said, due to its UK businesses.

Screwfix was the star performer of Kingfisher
Screwfix was the star performer of Kingfisher's third quarter

Sales overall reached £1,243m in the UK and Ireland for the three months to October 31, an uptake of 2.8%, up 5.8% LfL.

Its UK successes were largely down to Screwfix, which saw sales shoot up by 23.1% (up 12.7% LfL) for the quarter, driven by "its leading digital capapbility, new and extended ranges and 11 new outlets."

At B&Q sales were down -3.6% due to seven store closures across the board. LfL sales were up 3.5%, "including c.2% benefit from sales transference associated with store closures." Seasonal LfLs were up 5.3% and non-seasonal, including showroom products, were up 3.1% LfL. Kingfisher revealed that its store closure initiative was nearly complete, with 59 out of 65 now completed.

Kingfisher ceo Veronique Laury said, "Q3 trading conditions have followed a similar trend to the first half. We have delivered another solid sales performance overall, trading in line with expectations. Sales have been driven by Poland and the UK, especially Screwfix, offset by softer sales in France.

“We continue to make good progress on our strategic milestones in the first year of our five year ONE Kingfisher transformation, and remain on track. In addition, we are gearing up for next year when the level of transformation activity will significantly increase. We remain confident in our ability to deliver our ambitious plan, based on always putting customer needs first, supported by the expertise and energy of our colleagues.”

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