Castorama And Brico Dépôt Q1 Sales Growth Ahead Of Market

Kingfisher plc has published a Q1 trading update to 30 April 2021, advising of sales of £3.4 billion; LFL⁽¹⁾ up 64% and 2-year LFL⁽²⁾ up 23%.

For the full Group results, click here

For B&Q and Screwfix UK & Ireland results, click here

For Kingfisher Group like-for-like performance by month in Q1 and Q2 (to date), click here

Here, Kingfisher examines the performance of its French and Other International businesses.

FRANCE

Total sales +98.8% (LFL +101.7%; 2-year LFL +18.1%). Castorama continued to grow sales ahead of the market in Q1 (LFL +101.8%), as did Brico Dépôt (+101.7%), despite COVID-related restrictions imposed by the French government leading to some temporary store closures throughout the quarter. LFL sales for the home improvement market (as measured by Banque de France data⁽¹²⁾) were up 99.7% in Q1.

Castorama sales +95.8%. LFL +101.8% (2-year LFL +13.9%) reflecting strong demand in all categories (against weak comparatives due to temporary store closures in the prior year).

LFL sales growth was negatively impacted by partial and temporary store closures in Q1 21/22 (see 'Operational status'), but benefited by c.+5% from additional Sunday store openings.

LFL sales of weather-related categories were up 215%. LFL sales of non-weather-related categories, including showroom, were up 80%.

Brico Dépôt sales +101.7%. LFL +101.7% (2-year LFL +22.7%) reflecting strong demand in all categories (against weak comparatives due to temporary store closures in the prior year) and the continued focus on strengthening its discounter credentials and differentiated ranges.

Additional Sunday store openings contributed c.+9% to LFL sales. 

OTHER INTERNATIONAL

Poland sales (8.9)%. LFL (12.0)% (2-year LFL (20.5%)) largely reflecting the temporary closure of all stores between 27 March and 3 May 2021. The impact during this period was partially offset by a strong uptake of click & collect, contactless 'Drive-thru' and car park collections, and home delivery services.

LFL sales of weather-related categories were down 26%. LFL sales of non-weather-related categories, including showroom, were down 10%. Four new stores were opened during Q1.

Iberia sales +112.3%. LFL +112.3% (2-year LFL +12.1%) reflecting strong demand and weak comparables (due to prior year temporary store closures).

Romania sales +71.1%⁽⁴⁾. LFL +27.4% (2-year LFL +16.6%) reflecting strong demand across most categories, in particular building & joinery and outdoor.

Source : Kingfisher PLC

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