Kingfisher sales affected by tough trading at B&Q
DIY retailer B&Q saw sales fall sharply in the 11 weeks to 16 July.
Overall, parent company Kingfisher’s sales dropped by 5.5% in the period.
Sales at B&Q declined 6.7% but sales at tool seller Screwfix did better, showing a rise of 10.5%. Kingfisher said that B&Q sales had been adversely affected by rival Focus DIY going into administration and subsequently selling off stock at knockdown prices.
Kingfisher’s two French businesses, Castorama and Brico Depot, delivered a stronger performance with sales up 3.7% on a same-store basis during the period.
Ian Cheshire, Kingfisher’s chief executive, said: “These are testing times for retailers. However, he said that the tough economic conditions provided “an opportunity for strong businesses such as ours to strengthen their position.”
He added: “We expect to emerge from this year in excellent shape and well prepared to start delivering the next phase of our growth plans.”
