DIY giant Kingfisher has reported group like-for-likes up 3.5% in the 10 weeks to July 11, driven by strong performances at B&Q and Screwfix.
- Improving trend as like-for-likes in 10 week period outpace the 23 week period
- UK success driven by strong performance at both B&Q and Screwfix
- Chief executive Véronique Laury notes Kingfisher was up against soft comparables
That compared to growth of 2.1% in the 23 week period.
Total group sales at constant currencies increased 4.8% in the second quarter.
Kingfisher’s UK and Ireland business delivered a 5.5% increase in like-for-likes, up from the 3.3% rise recorded in the 23 week period.
In the 10 week period like-for-likes at B&Q increased 3.4% and soared 16.7% at Screwfix.
In France, where Kingfisher generates the majority of its annual profit, like-for-likes advanced 1.3%. The group said its French Brico Dépôt fascia “continues to be impacted by a soft house building market”.
In Kingfisher’s ‘other international’ business, including countries such as Poland, Russia and Turkey, like-for-likes increased 3.3%.
Kingfisher chief executive Véronique Laury said: “We have delivered a solid second-quarter sales performance to date across all our major businesses, albeit against softer comparatives than in the first quarter.
“I am also very pleased to report that the pilot of our unified IT system, which is a key enabler of our ‘ONE’ Kingfisher plan, started on time in Ireland. We look forward to updating on further progress against our first ‘sharp’ decisions in September.
“And we have to date returned £138m to shareholders via a share buy back since the year end.”