Posted 30th May 2013

B&Q sales decline during first quarter

30th May 2013 - 16:30pm
Money Matters

B&Q owner Kingfisher has announced the DIY retailer's sales fell 5.7% and overall group profits declined 29.2% in its first quarter trading update.

Weak consumer demand and the cold weather in particular have been highlighted by Kingfisher as reasons for the decline in profits – pointing out that sales of B&Q's outdoor seasonal products, which can represent up to 30% of Q1 sales, fell by more than 10%.

Though bathroom sales were down in what was described in the report as a 'weak, price-aggressive market', kitchen sales at B&Q were said to have delivered a 'solid performance'.

“Market conditions have remained challenging in the first quarter compounded by the effects of an early Easter and unseasonably cold weather across Europe,” said group chief executive Ian Cheshire. “As a result, general footfall was down and demand for outdoor maintenance, gardening and leisure products was adversely affected for the second year running.”

Cheshire went on to say that performance picked up towards the end of the quarter and that the retailer is ready to capitalise on any improvements during the summer trading period.

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