logo-loader

Kingfisher posts fall in third quarter sales as weak performance in France offsets strong growth at Screwfix

Published: 08:09 21 Nov 2017 GMT

Screwfix store
Kingfisher said like-for-like sales in Britain and Ireland rose by 1.5% but in France they fell by 4.1%

Kingfisher PLC (LON:KGF) has reported a small fall in underlying third quarter sales as a weak performance in France was only partially offset by strong growth at Screwfix in the UK and in Poland, but said it remains comfortable with full year profit forecasts.

Europe's largest home improvement retailer reported a 0.5% fall in group like-for-like sales for the three months to October 31, although that was an improvement on a second quarter fall of 1.9%.

READ: Kingfisher jumps as first-half profit beat forecasts, but cautious on second-half backdrop in UK and France

The FTSE 100-listed firm - which owns B&Q and Screwfix in Britain and Castorama and Brico Depot in France and elsewhere – said like-for-like sales in Britain and Ireland rose by 1.5% but in France they fell by 4.1%.

The Screwfix chain continued to be the star performer in the UK, with like-for-like sales up 10.2%, while B&Q sales fell 1.9%.

The group – which is in the second year of a plan to boost its annual profit by £500mln from 2021 - said it was comfortable with the current full-year 2017-18 consensus for underlying pretax profit of £785mln, down slightly from last year’s £787mln outcome

READ: Kingfisher gets a boost as Goldman Sachs ups its rating to 'buy' on efficiency hopes

Kingfisher’s chief executive, Véronique Laury said: "We remain confident in our ability to deliver our long-term plan and in the financial and customer benefits it will generate,"

She added: "Early customer reaction to our new ranges continues to be encouraging."

In opening deals, Kingfisher shares shed 1.3%, or 4p at 300.4p.

Oriole Resources outlines 2023 achievements and future exploration plans

Oriole Resources PLC (AIM:ORR) CEO Tim Livesey and chief financial officer Bob Smeeton join Proactive's Stephen Gunnion with details of the company's 2023 financial and operational performance. Livesey highlighted successful exploration programs in Cameroon, at the Bibemi and Mbe projects,...

2 hours, 27 minutes ago