- Kingfisher like-for-likes advance 1.8% in third quarter
- UK and Ireland registers 5.8% jump in same-store sales
- Screwfix outperforms B&Q with 12.7% surge in like-for-likes
- Kingfisher total sales hit £3bn during the quarter
B&Q owner Kingfisher has posted a 1.8% increase in like-for-like sales during its third quarter, driven by the performance of its UK division.
The home and DIY giant, which recorded total sales of £3bn during the period ending October 31, said same-store sales jumped 5.8% on a constant currency basis in Britain and Ireland.
Screwfix, Kingfisher’s other British business, again outperformed B&Q, posting a 12.7% surge in like-for-like sales on a constant currency basis, while the retailer’s total sales spiked 23.1% year-on-year.
In contrast, B&Q’s like-for-likes advanced 3.5% during the same period, but total sales slipped 3.6% on a constant currency basis.
Kingfisher said the decline in revenues reflected an ongoing store closure programme, which it said was “nearly complete”.
It shuttered seven B&Q stores during the third quarter and has now closed 59 of the planned 65 shops.
Kingfisher said the jump in like-for-like sales at B&Q included a circa 2% benefit from “sales transference” associated with the store closures, as customers transferred their spending to other shops.
The DIY group hailed “continued strong” performance at Screwfix. It said sales were driven by its “leading” digital capability, the launch of new ranges and the opening of 11 new stores.
Beyond the UK
Kingfisher also hailed growth in Poland and Russia, where like-for-like sales climbed 6.7% and 1% respectively, but gains in those international markets were hampered by performance in France.
Like-for-like sales in its biggest European market slumped 3.6%, as both its Castorama and Brico Dépôt businesses suffered sales declines.
Castorama’s like-for-likes fell 3.8%, while total sales dropped 3.7% off the back off a slowdown in promotional activity.
Kingfisher said the retailer posted 5.9% like-for-like uplift on seasonal sales.
Same store sales at Brico Dépôt declined 3.3%, but total sales fell at a slower rate of 1.2%.
Another ‘solid’ performance
Kingfisher boss Véronique Laury, who conducted her first interview since succeeding Sir Ian Cheshire with Retail Week earlier this month, said: “We have delivered another solid sales performance overall, trading in line with expectations.
“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.”
Laury said the level of transformation would “significantly increase” next year as she continues to put her stamp on the business.