Sunday, November 19, 2017

Kingfisher disappoints with Q3 trading in France, despite UK growth

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Kingfisher, parent company to B&Q and Screwfix, has reported another quarter of UK growth, but stagnant trading in France where the economics are somewhat fragile. 

The”¯retail group”¯said Q3 trading conditions had followed a similar trend to the first half of the year, reflecting “the more encouraging macroeconomic backdrop in the UK offset by a softer market in France.” 

France’s Castorama and Brico Depot faced more challenging trading conditions, achieving a mere 0.1% growth. Kingfisher’s French operations were also hit by the depreciation of the euro against sterling, sending reported sales down 7% in the 13 weeks to October 31.  

That left retail profits in France 16% lower at £109m, compared with a 14