Kingfisher PLC has reported a strong third quarter as sales at Screwfix continue to boost its sales.
The B&Q and Screwfix owner has reported a like-for-like sales growth of 5.8 per cent in the three months to October 31, helping raise its overall revenue by 1.8 per cent to £2.96 billion.
Screwfix sales jumped by 12.7 per cent, whereas sales at the home improvement retailer grew by 3.5 per cent in the same period.
Succeeding in her revival plans for the retailer, Kingfisher’s chief executive Veronique Laury has stated her plans to increase profits by £500 million a year until 2021.
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“Third-quarter trading conditions have followed a similar trend to the first half. We have delivered another solid sales performance overall, trading in line with expectations,” Laury said.
“Sales have been driven by Poland and the UK, especially Screwfix, offset by softer sales in France.
“We continue to make good progress on our strategic milestones in the first year of our five-year One Kingfisher transformation, and remain on track. In addition, we are gearing up for next year when the level of transformation activity will significantly increase.