B&Q sales bounce back after torrid start to year

B&Q's sales have bounced back following warmer weather in the UK, but shares in its parent company fell due to its poor performance in France.
By The Newsroom
Published 16th Aug 2018, 18:05 BST
Updated 2nd Sep 2018, 22:08 BST
B&Q revenues were up 3.6%B&Q revenues were up 3.6%
B&Q revenues were up 3.6%

The DIY giant’s owner Kingfisher has posted group sales of £3.26 billion for the second quarter, representing like-for-like sales growth of 1.6%.

Like-for-like sales were up by 4.2% across the UK and Ireland, but fell by 1% in France.

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Despite the company facing a “weak UK consumer backdrop”, B&Q’s sales rose 3.6%, while Screwfix’s sales climbed by 5.5%.

DIY store Castorama was the drag on sales in France, with like-for-like sales dropping by 3.8% over the period.

Kingfisher pinned the results in France on weaker footfall and the impact of a transformation plan under way in Castorama.

Chief executive Veronique Laury said: “We started our transformation two-and-a-half years ago and are on track to deliver our strategic milestones for the third year in a row.

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“In the second quarter, I’m pleased that we grew our sales after the exceptionally harsh weather conditions in the first quarter.”

The DIY chain recently announced that it was investing £100 million as part of plans to lower its prices.

It has been cutting back on its promotional activity and is offering lower, everyday prices to its customers instead.

Related topics:B&QFranceKingfisherIreland