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Kingfisher reports 1.8% rise in Q3 LFL sales

B&Q - Chris Warham - shutterstock_242222707 725 x 500

Kingfisher has reported on trading for the three months ended 31st October.

The Group reported a 'solid' overall Q3 performance with LFL sales up +1.8%, driven by the UK & Poland, and advised of £182m (53m shares) returned year to date via share buyback of the previously announced c.£600m capital return.

Kingfisher's UK & Ireland sales reached £1,243m, an increase of 5.8% in LFL sales and up 2.8% in total sales (+2.5% in constant currencies).

B&Q UK and Ireland's LFL sales increased by 3.5% to £900m (total sales were down 3.3% and sales in constant currencies were down 3.6%). During the quarter, seven stores were closed. Of the 65 planned store closures, 59 have been completed.

Screwfix reported sales of £343m, an increase of 12.7% in LFL sales and 23.1% in total  sales. 

Click here to view the Q3 trading update in full.

Véronique Laury, Chief Executive Officer, said:

“Q3 trading conditions have followed a similar trend to the first half. We have delivered another solid sales performance overall, trading in line with expectations. Sales have been driven by Poland and the UK, especially Screwfix, offset by softer sales in France.

“We continue to make good progress on our strategic milestones in the first year of our five year ONE Kingfisher transformation, and remain on track. In addition, we are gearing up for next year when the level of transformation activity will significantly increase.

"We remain confident in our ability to deliver our ambitious plan, based on always putting customer needs first, supported by the expertise and energy of our colleagues." 
 

Image: Chris Warham / shutterstock

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21 November 2016

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