B&Q owner Kingfisher’s sales rise to £3bn thanks to strong performance at Screwfix
B&Q proprietor Kingfisher has reported a strong set of third-quarter outcomes, pushed by one other robust efficiency at Screwfix.
The group mentioned like-for-like gross sales within the UK rose 5.eight per cent within the three months to the tip of October, serving to complete income develop 1.eight per cent to £2.96bn.
Like-for-like gross sales at Screwfix rocketed 12.7 per cent, whereas B&Q notched up respectable progress of three.5 per cent.
Chief govt Veronique Laury, who’s overseeing a turnaround plan on the retailer, mentioned: “Third-quarter buying and selling situations have adopted an identical development to the primary half. We now have delivered one other strong gross sales efficiency total, buying and selling in keeping with expectations.
“Gross sales have been pushed by Poland and the UK, particularly Screwfix, offset by softer gross sales in France.”
In France, the place it trades as Castorama, Kingfisher noticed like-for-like gross sales fall three.6 per cent. Polish gross sales have been up 6.7 per cent on a like-for-like foundation.
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As a part of Ms Laury’s revival plans, she is aiming to spice up earnings by £500m a yr by 2021.
She mentioned: “We proceed to make good progress on our strategic milestones within the first yr of our five-year One Kingfisher transformation, and stay on observe. As well as, we’re gearing up for subsequent yr when the extent of transformation exercise will considerably enhance.
“We stay assured in our capacity to ship our bold plan, based mostly on at all times placing buyer wants first, supported by the experience and vitality of our colleagues.”
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