Kingfisher posts mixed Q1 results amid search for new CEO

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Kingfisher results
// Kingfisher profit guidance for the full-year remains unchanged
// Screwfix sales up 9.6% while B&Q sales up 2.8% on a like-for-like basis
// UK’s improved weather boosts sales by 6%
// Search for a new CEO is already under way

Kingfisher has delivered mixed financial results in its first quarter, although its profit guidance for the full-year remained unchanged.

The parent company of B&Q and Screwfix recorded a 1.7 per cent rise in group sales during its first fiscal quarter to April 30, or by 0.8 per cent on a same-store basis.

Sales at Screwfix were up 9.6 per cent, while B&Q sales were up 2.8 per cent on a like-for-like basis.

The company attributed this to the improvement in the UK’s weather.

It also marks a turnaround on recent trading when the Beast from the East snow storm caused sales to dip by nine per cent last year.

However, like-for-likes were offset by a two per cent drop as the company announced closures of some showroom installation services.

“This year we are focused on completing the building of our ‘engine’ and making our innovation more visible to customers,” Kingfisher chief executive Veronique Laury said.

“We are also excited to be launching several new ranges this year which are unique to us and will further differentiate us from our competitors.

“The group delivered positive sales growth in the first quarter, with sales of unified and unique ranges continuing to grow ahead of non-unified ranges.”

She added: “At this early stage of the year our expectations for the full year are unchanged, and we remain confident in our ability to deliver significant financial benefits over time.”

Laury, who has served as chief executive for Kingfisher since February 2015, is set to step down in the coming months and the search for her successor has already started.

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