Home Business News Kingfisher sales rise as turnaround plan pays off

Kingfisher sales rise as turnaround plan pays off

by LLB Reporter
21st Nov 18 8:24 am

Kingfisher announced this morning that its UK sales rose 1.4 per cent in the last quarter.

However, while Screwfix posted a healthy 10.6% increase to £442m, sales at B&Q fell 2.8% to £850m.

It said group like-for-like sales fell 1.3% in the three months to the end of October. That compares with a rise of 1.6% in the previous quarter.

“We are operating in a difficult retail environment. We face challenges and we are addressing them,” said Véronique Laury, chief executive.

“We have accelerated our move to an everyday low price strategy and have launched a new marketing campaign to make it visible to our customers, however there is no quick fix,” she admitted.

Richard Hunter, Head of Markets at interactive investor, commented “Whilst there are some glimmers of hope for Kingfisher’s fortunes, the company remains in a difficult place and the update is confirmation of a long road ahead.”

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