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Screwfix outperforms other Kingfisher brands

Sales at Yeovil-based Screwfix have grown by more than 20 per cent in the past ten weeks, despite parent company Kingfisher reporting a "difficult" quarter.

The DIY retail group boosted sales by 22.6 per cent in the ten weeks to 12 July 2014, an increase of 23.5 per cent in 2014 overall. Like for like sales were also up by 11.8 per cent.

During the quarter, Kingfisher also launched 12 new Screwfix outlets, bringing its total operations to 356 stores.

B&Q, another prominent brand owned by London-based Kingfisher, suffered a 2.5 per cent decline in sales over the quarter, with outdoor and seasonal products down by almost 8 per cent. Its performance in its European markets, notably France and Poland, was also described as "slower than anticipated".

Sir Ian Cheshire, Kingfisher's group chief executive, said: "Trading in our Q2 was always expected to be more difficult, annualising a very strong Q2 performance last year and following this year's weather boosted Q1.

"It is unclear whether this recent weakness is short term phasing in nature, though we will know more by our interims in September having then traded through our key summer months. In the meantime we are accelerating our self-help margin and cost initiatives to help support our second half performance."

Source: Insider Media Limited

24 July 2014

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