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Kingfisher UK & Ireland Q3 LFL sales increased by 2.6%

Kingfisher has reported on Q3 trading, covering the 13 weeks ended 1 November 2014.

Kingfisher reports Q3 sales of £2.8 billion, down 0.9% LFL and retail profit of £225 million, down 6.9% in constant currencies.

Kingfisher UK & Ireland
Total sales were up 4.9% (+2.6% LFL) to £1,148 million reflecting a stronger UK economy and more buoyant housing construction.

Retail profits were up 11.2% to £70 million. Gross margins were up 10 basis points reflecting on-going self-help initiatives offset by some B&Q clearance activity as part of the ‘Offer’ work stream of the B&Q transformation plan. Tight cost control continued despite higher levels of variable pay.

B&Q UK & Ireland’s total sales were up 0.9% (+0.5% LFL) to £922 million. On a volume basis (being quantity of products sold), sales were up 7.2% driven by price investment in ‘core essential’ DIY products and clearance activity in the quarter.

Sales of outdoor seasonal and building products were up around 3%. Sales of indoor products, excluding showroom (kitchens, bathrooms and bedrooms) were up around 1%. Sales of showroom products were down around 4% reflecting the decision to reduce promotional activity and offer customers ‘every day great value’.

See the full report here

Sir Ian Cheshire, Kingfisher Group Chief Executive, said:

“Trading conditions in our largest and most significant market, France, were particularly difficult and deteriorated across the quarter, impacted by the weak economic backdrop. In the UK however, where conditions have been more favourable, we have delivered LFL growth with Screwfix performing particularly well, delivering a 25% increase in sales on top of very strong growth last year. Overall, we remain cautious on the outlook, especially in France, and continue to focus on margin and cost initiatives to support our performance.

“As I prepare to step down as Group Chief Executive on 8 December, I would like to take this opportunity to thank the 79,000 staff at Kingfisher for their hard work and support over the past seven years. I am proud of what we have achieved together and I am delighted that Véronique Laury will be succeeding me. Her passion for product, for customers and for home improvement together with her 26 years’ experience in the sector, make her the right choice for the role and I wish her every success in the future.”

Véronique Laury, Kingfisher Group Chief Executive designate, said:

“I am delighted to be succeeding Sir Ian. He leaves a strong, and more sustainable business with a clear sense of purpose. I believe Kingfisher has an important role to play in improving people’s lives by helping them to improve their homes. With more than 26 years in home improvement, and 11 years at Kingfisher, I know our employees and our businesses well and I understand the reality of our customers’ lives. I look forward to putting my experience to work to build on Sir Ian’s legacy with passion, energy and pace.

“I am also very pleased to have announced Marc Ténart as my successor as Chief Executive of Castorama France. Marc has been in the Group for 14 years, holding senior roles at Castorama France and previously Chief Executive of our Brico Dépôt business in Spain, so I am confident he will do a great job.”

Source : Kingfisher

25 November 2014

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