Kingfisher posts ‘resilient’ start to financial year

Kingfisher, owner of B&Q and Screwfix, said that underlying like-for-like sales edged down 0.7%, “versus a strong prior year comparator”. Total sales in the period, gross merchandise revenue through the retailer’s marketplace, inched up 0.8%.

Kingfisher said that its core categories proved “resilient” and there was “strong momentum from strategic growth drivers”.

Kingfisher said that the UK market declined in “low single digits” in the first quarter. B&Q’s total sales, including through its marketplace, fell 1.3% and like for likes slid 4.1% versus a “strong prior year comparator and a late start to spring impacting footfall, seasonal sales and related purchases of core categories”.

Screwfix made “significant market share gains” and like for likes advanced 4.1%. Like for likes at TradePoint fell 1.6%.

Kingfisher chief executive Thierry Garnier said: “We delivered a resilient start to the year, executing well and gaining market share against a soft market backdrop. Sales, including marketplace, grew +0.8%, with core categories proving resilient, even as a late start to spring impacted footfall and seasonal demand. Ecommerce and trade sales both delivered double-digit growth, underlining the momentum in our key growth drivers.

“While mindful of the consumer environment, we remain absolutely focused on delivering our strategy, disciplined gross margin and cost management, and consistent shareholder returns. We are confident in achieving our full-year guidance and are well positioned to capitalise on the attractive long-term growth opportunities across our markets.”