Kingfisher UK & Ireland LFL sales rise 2% during Q3

Kingfisher has published its Q3 trading update covering the thirteen weeks ended 2nd November 2013.

Kingfisher UK & Ireland:

Total sales were up 3.7% (+2.0% LFL) to £1,095 million supported by a strong performance from Screwfix and encouraging early signs in the smaller tradesman market, offset by a slow underlying retail market.

Kingfisher UK & Ireland delivered retail profit growth of 8.3% to £63 million. Gross margins were down 30 basis points with the benefits from on-going self-help initiatives offset by investment in pricing across both businesses. A strong focus on operating cost efficiencies continued.

B&Q UK & Ireland:

B&Q UK & Ireland’s total sales were up 0.8% (+0.4% LFL) to £915 million. Sales of outdoor seasonal products were down around 8% following strong sales in Q2 (+17%).

Sales of indoor products were up around 3% with new flooring and light bulb ranges performing particularly well. TradePoint continues to grow with sales up 7% compared to Q3 last year.

Screwfix:

Screwfix grew total sales by 21.1% (+11.1% LFL) to £180 million benefiting from a strong promotional programme, extended opening hours, the continued roll out of new outlets and the successful introduction of a mobile ‘click, pay & collect’ offer last year. Nine outlets were opened during Q3, taking the total to 303.

Ian Cheshire, Kingfisher CEO, said:

“Following a mixed first half, we have seen growth in both sales and profits in our third quarter, one of our most significant trading periods in the year. Whilst we have delivered sales growth in each of our geographies our markets remain challenging, especially in France where consumer confidence is still weak and with no obvious signs of an imminent improvement.

“Looking ahead, we remain ready to capitalise on any improvement in conditions or opportunities as they arise. In the meantime, our self-help plan, ‘Creating the Leader’, continues to progress well so I remain enthusiastic about our longer-term prospects.”

For the full results publication please visit our Industry Articles pages: http://www.insightdiy.co.uk/articles.asp

Source : Kingfisher
www.kingfisher.co.uk