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Sales fall 6.4% LfL during B&Q's final quarter

Published: 21 February 2013
Kingfisher announced its financial results for the 14 weeks to February 2, 2013, today, with the "generally weak consumer backdrop" blamed for B&Q's 6.4% sales drop compared with the same 13 weeks last year.
Sales fall 6.4% LfL during B&Q's final quarter
Sales at B&Q for the 14 weeks were down to £842m; another factor in the decline was B&Q Ireland's fall into examinership earlier this month. Gross margins are expected to be down, reported the group, reflecting a higher mix of trade sales and some additional promotional activity in December in a more discount-led period for general retailers.

Screwfix, on the other hand, saw the quarter's sales increase by 10.3% on a comparable 13 week basis, bringing total revenue to £155m. The success was attributed to the continued roll out of new outlets and the success of the click, pay and collect service.

Looking at Kingfisher's overall sales, UK and Ireland sales were up 2.9% for the 14 weeks when compared with the 13 weeks last year. Like-for-likes were down 5.8%, with total sales falling 4.2% on a 13 week comparable basis.

Including Kingfisher's international businesses, such as Brico Depot and Castorama, overall group sales were up 1.5% for the 14 weeks, but on a comparable 13 weeks basis sales were down 1% in constant currencies, down 3.4% LfL.

Kingfisher's group chief executive Ian Cheshire said: "We have had a tough fourth quarter, ending what has been a tough year impacted by unfavourable foreign exchange, particularly poor weather in the UK and weaker consumer confidence in our major markets.

"Thanks to the hard work of our teams and our established programme of self-help initiatives, we end the year in good shape with a strong balance sheet and higher market share. We also made good progress with our new 'Creating the Leader' programme which aims to help our customers have better and more sustainable homes.

"Looking ahead we will continue to actively manage the business in these challenging markets with particular focus on improving our customer offer, optimising our cash generation and delivering shareholder value."

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