Kingfisher sees B&Q falter amid store closures

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Shutting down struggling B&Q stores pushed down sales at the home improvements retailer in its first quarter, parent company Kingfisher has said.

Last year Kingfisher revealed plans to get rid of 65 branches of B&Q as part of a wider overhaul of the group, which also includes French chains Castorama and Brico Dépôt.

So far 40 have closed their doors, triggering a 4.3% fall in sales at B&Q in the UK and Ireland in the three months to the end of April.

The closures boosted B&Q’s like-for-like sales, however, by 3.6%.

The chilly April weather hit sales of outdoor and other seasonal products, which fell 14.3%.

Screwfix remained the jewel in Kingfisher’s crown with sales up 23.5%, or 16.2% on a same-store basis, thanks to an expanded range and new outlets. It was rivalled by Poland, where sales rose 12.6%.

Across the group like-for-like sales were up 3.6%, which chief executive Véronique Laury labelled a “solid start to the year”.

 

Source Article from http://www.standard.co.uk/business/kingfisher-sees-bq-falter-amid-store-closures-a3255391.html

May 24, 2016 |
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