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Screwfix sales drives Kingfisher growth

Kingfisher has revealed that total sales across its UK home improvement stores increased 3.6 per cent during the 10 weeks to 13 July 2013 with like-for-likes growing 2.5 per cent.

The home improvement retail group, which operates in eight countries and owns DIY stores B&Q and Screwfix, has struggled with sales dipping by 0.2 per cent in the 23 weeks to 13 July 2013.

Sales have surged at Screwfix by 17.8 per cent and LFLs are up 6.6 per cent this year.

Ian Cheshire, Kingfisher’s Group Chief Executive, said: “Following a tough Q1, I am pleased to report that we have been able to capitalise on the better weather conditions in Q2, particularly in the UK, which has helped us to deliver growth.

“However, underlying consumer confidence remains weak in our major markets, so we continue to focus hard on our self-help margin and cost initiatives. We are on track to deliver a first half in line with our expectations.”

The UK has enjoyed one of its hottest summers for many years, bringing an increase spending in outdoor and gardening products. B&Q saw sales of wooden outdoor furniture grow 56 per cent, while natural stone tiles were 63 per cent ahead.

Andrew Hall, Retail Analyst at Conlumino, commented: “Kingfisher is being proactive in its response to weakness across its core DIY categories, which continue to struggle in the housing market and generally low consumer interest. To this end, B&Q is gaining market share off the back of investment in stores, a focus on value and the continued development of ranges and services.”

Source: Michael Somerville

24 July 2013
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