Kingfisher boosted by overseas performance
Like-for-like sales at DIY market leader B&Q fell 9 per cent in fourth-quarter trading to January 28 and overall sales slumped 6 per cent.

However, like-for-like sales were up marginally for parent group Kingfisher, boosted by a strong international performance. Total retail sales rose 6 per cent at constant currency rates to£1.86 billion and like-for-like sales edged up 0.5 per cent.

In France, Castorama and Brico Depot outperformed the DIY market, with like-for-like sales up 2.5 per cent and total sales ahead 7 per cent. In the rest of Europe, total sales leapt 38 per cent or 19 per cent like for like. In Asia, total sales were up 59 per cent or 8 per cent like-for-like.

Kingfisher group chief executive Gerry Murphy said: 'The UK home improvement market remains depressed and price-competitive. B&Q's new management team has acted decisively to support short-term trading, manage stocks and reduce costs, at the same time as accelerating the development of B&Q's stores, ranges and services for the future.'

All categories were weak, although trade-related sales remained relatively resilient. The company said B&Q is now focusing on price competitiveness, range and store development, as well as service improvement and cost reduction.

In contrast, trade arm Screwfix Direct increased sales by 37.1 per cent to£71.3 million.

Internationally, sales at B&Q's 48 Chinese stores increased by 67.3 per cent to£116.8 million and like-for-likes were up 55.7 per cent.

The first of 13 store conversions of the Chinese stores acquired from German chain Obi is expected to open at the end of next month, with the conversions completed by the summer.