Kingfisher Q2 Trading Update Statement

At 7am this morning, Kingfisher released their Q2 pre-close trading update. Total sales for the 10 weeks up to 12th July 2014, were up 0.8% (1.8%LFL) and confirmation is provided of the binding agreement reached with the principle shareholders of Mr Bricolage.

Sir Ian Cheshire, Kingfishers Chief Executive said:-

"Trading in our Q2 was always expected to be more difficult, annualising a very strong Q2 performance last year and following this year’s weather boosted Q1. However, our markets in Q2, notably in June, have been slower than anticipated particularly in France and Poland. It is unclear whether this recent weakness is short term phasing in nature, though we will know more by our interims in September having then traded through our key summer months. In the meantime we are accelerating our self-help margin and cost initiatives to help support our second half performance.

We are progressing well with the acquisition of Mr Bricolage, a leading French home improvement retailer. I am delighted that this transaction, which was announced in April, has now become binding and will progress to anti-trust clearances. Adding a third, complementary strong business alongside Castorama and Brico Dépôt will provide us with an attractive growth opportunity in our most important market".

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Source: Kingfisher PLC Website