B&Q owner Kingfisher's sales rise to £3bn thanks to strong performance at Screwfix

DIY retailer sees success in its turnaround plan

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The Independent Online

B&Q owner Kingfisher has reported a solid set of third-quarter results, driven by another strong performance at Screwfix.

The group said like-for-like sales in the UK rose 5.8 per cent in the three months to the end of October, helping total revenue grow 1.8 per cent to £2.96bn.

Like-for-like sales at Screwfix rocketed 12.7 per cent, while B&Q notched up respectable growth of 3.5 per cent.

Chief executive Veronique Laury, who is overseeing a turnaround plan at the retailer, said: "Third-quarter 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."

In France, where it trades as Castorama, Kingfisher saw like-for-like sales fall 3.6 per cent. Polish sales were up 6.7 per cent on a like-for-like basis.

In August, the company said that while the EU referendum result has created uncertainty, there has been no clear evidence of an impact on business so far.

As part of Ms Laury's revival plans, she is aiming to boost profits by £500m a year by 2021.

She said: "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."

PA

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