Figures released today
B&Q and Screwfix owner Kingfisher released quarter two figures today showing sales have fallen 1.9 per cent in the three months to July.
B&Q was the weakest performer in the group during the quarter with sales dropping 7.8 per cent to £967m, down 4.7 per cent on like for like sales.
However, Screwfix performed well, like for like sales jumped 11 per cent, and overall sales grew 17.2 per cent to £365m which the group said was driven by ” its leading digital capability, new and extended specialist ranges and new outlets”.
The international DIY group blamed the dip in sales at B&Q on ‘seasonal swings’, essentially bad weather, in the first half of the year.
Véronique Laury, Kingfisher Chief Executive Officer, said: “Q2 has broadly followed a similar course to Q1 although B&Q’s performance was impacted by seasonal swings across Q1 and Q2. We have also continued to experience some disruption across the businesses, although on an improving trend.
Kingfisher also own French business Castorama and Brico Dépôt, where sales also fell 3.3 per cent, and 3.8 per cent on a like-for-like basis.
“Having been very aware that this year would be challenging given the step up in transformation activity, we already have self-help plans in place to support our overall Year two performance, though we remain cautious on the H2 outlook for the UK and France as previously guided,’ Laury added.
“We remain on track to deliver our Year two strategic milestones, and look forward to updating you on our wider progress in more detail at our H1 results.”
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