Posted 15th May

Kingfisher sales bounce back in Q1 after tough 2018

By KBBDaily on 15th May 2019 - 15:15pm
money matters, kingfisher, b&q, screwfix, performance, report, financial, kbb, kbbdaily

Kingfisher – the owner of Screwfix and B&Q – has reported a 0.8% rise in like-for-like sales for the first quarter of the 2019 financial year after experiencing a 1.6% decline in sales in 2018 – as well as a 52.8% drop in pre-tax profit – due to poor performance at B&Q and Castorama France.

In the UK and Ireland, like-for-like sales rose by 3.4% in the quarter, with B&Q UK & Ireland sales up by 2.8% “reflecting stronger weather-related performance, partly offset as expected from discontinuation of showroom installation services”.

According to Kingfisher CEO Véronique Laury, the group will be launching new ranges in surfaces and bathrooms that are “unique” and designed to “differentiate” Kingfisher’s brands from its competitors. B&Q will also be launching new kitchens later this year.

Screwfix’s like-for-like sales were up by 4.5% in Q1 2019, with four new outlets opening in the UK during the period. “The group delivered positive sales growth in the first quarter, with sales of unified and unique ranges continuing to grow ahead of non-unified ranges,” said Laury.

“Screwfix, Poland and Romania delivered good sales growth while our performance in France was mixed within the quarter. This year we are focused on completing the building of our ‘engine’ and making our innovation more visible to customers.”

Laury added: “We are also excited to be launching several new ranges this year which are unique to us and will further differentiate us from our competitors, including surfaces & décor and bathrooms across the group, and kitchens in B&Q.”

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