Saturday, July 20, 2019

Kingfisher reports solid second quarter but remains cautious post-Brexit

Kingfisher results

Kingfisher has reported a strong second quarter with sales growth driven by its British and Polish markets but said the Brexit vote has made them cautious on the short-term outlook.

Europe’s largest home improvement retailer, which trades as Screwfix and B&Q in the UK, experienced an 8.4 per cent rise in total sales to £3 billion.

In its UK and Ireland markets alone, Kingfisher‘s like-for-likes went up by 7.2 per cent for the quarterly period to July 31.

B&Q like-for-likes were up 5.6 per cent, while Screwfix like-for-likes had an uptick of 13.3 per cent.

Meanwhile, group sales at stores open over a year was up by three per cent in the second quarter, a slower figure compared to the 3.6 per cent growth in the first quarter.

“In the UK, the EU referendum result has created uncertainty for the economic outlook, although there has been no clear evidence of an impact on demand so far on our businesses,” Kingfisher chief executive Véronique Laury said.

“In France, widespread industrial action and exceptionally wet weather created a more challenging environment, after a more encouraging first quarter.”

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