B&Q inches up 3.6% in sales growth for Q2

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DIY specialist B&Q recorded a 3.6 per cent rise in sales for its second quarter to July 31.

Owner Kingfisher on Thursday said its B&Q and Screwfix divisions had experienced a good “sales recovery” for the quarter, “within the context of a continuing weak UK consumer backdrop”.

Screfix sales were up 11.8 per cent and 5.5 per cent like-for-like, with 12 new outlets opening during the 12 week period.

Group like-for-like sales rose 1.6 per cent overall for Kingfisher, dragged down by a one per cent drop in like-for-like sales for its French market, where Castorama’s like-for-like sales were down 3.8 per cent.

Brico Dépôt sales were up 3.7 per cent and 2.6 per cent on a like-for-like basis, thanks to the retailer’s focus on “re-engergising its offer” and investment in marketing.

“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,” chief executive Véronique Laury told shareholders.

“In Q2, I’m pleased that we grew our sales after the exceptionally harsh weather conditions in Q1. In B&Q, Screwfix and Brico Dépôt France we delivered good sales growth.

“However, the performance of Castorama France has been more difficult and as a result we have put additional actions in place to support our full year performance in France with the benefits expected to come through in H2,” she added.

The results come as B&Q begins a new investment drive aiming to lower overall shop prices and cut back on promotions and discounts, reportedly to the tune of £100 million in costs for the retailer.

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