B&Q-owner Kingfisher PLC (LSE:KGF) said sales slipped in the first quarter after a late start to spring hit seasonal categories.
Sales in the three months to 30 April 2023 were down 2% on a constant currency basis, and dropped 3.3% like-for-like, to £3.2bn.
Seasonal categories, which account for 18% of all sales, were down 11.3% as weather conditions impacted demand for garden and outdoor items, a statement said.
“The unusually poor spring weather in the UK and France affected our seasonal sales in the quarter, impacting demand for items such as garden and outdoor products,” said chief executive Thierry Garnier.
E-commerce sales continued to grow, however, up 4.7% on the same period last year, and now represent 16.9% of total sales.
“We have however seen an improvement in trading since early April and anticipate a release of some pent-up demand as the weather continues to improve,” Garnier added.
Like-for-like sales in the three weeks to 20 May were down only 1%, which included a 0.4% hit from the coronation bank holiday.
Full-year guidance of £634mln pre-tax profits remains unchanged, with Kingfisher stating it is well positioned to navigate the current backdrop of macroeconomic uncertainty, delivering value to customers while managing inflationary pressures.
The Screwfix owner said it remains “highly cash generative” and expects more than £500mln in free cash flow for the year.
Kingfisher also confirmed a new share buyback programme once the current £300mln buyback has been completed.