Sales drop at B&Q
Published: 29 November, 2012
Kingfisher has reported a 4% drop in like-for-like sales in the 13 weeks to 27 October at its B&Q outlets in the UK and Ireland. This compares to a 6% slide in the weather-hit first half of the year.
The improvement was driven by higher sales of built-in fridge freezers and microwaves.
The division reported a 1.7% rise in retail profits to £45m, while the wider Kingfisher group, which also owns tools supplier Screwfix as well as Castorama and Brico Depot in France, recorded broadly flat retail profits of £257 million. Analysts said the like-for-like sales were worse than expected and implied "a markedly weakening trend through the period".
Screwfix grew total sales by 11% to £149m in the period despite the continued challenging trading conditions in the smaller tradesman market.
Screwfix opened 12 outlets in the third quarter, taking the total to 252, while retail profit rose 20% to £14m.