Kingfisher reports successful second quarter results due to warm weather
The home improvement retail company, Kingfisher, has announced a 1.6% increase in like-for-like sales during the second quarter of 2018.
The second largest home improvement firm in Europe attributed the growth to warm weather in the review period.
The firm’s UK and Ireland brands, B&Q and Screwfix, saw sales rise by 3.6% and 5.5% respectively in the three months leading to July.
However, the company’s French brand, Castorama, was subject to a 3.8% decline in sales, leading to Kingfisher’s shares dropping by 3%.
“We started our transformation two and a half years ago and are on track to deliver our strategic milestones for the third year in a row,” remarked Véronique Laury, CEO of Kingfisher.
“In Q2, I’m pleased that we grew our sales after the exceptionally harsh weather conditions in Q1. In B&Q, Screwfix and Brico Dépôt France we delivered good sales growth.”
“However, the performance of Castorama France has been more difficult and as a result we have put additional actions in place to support our full year performance in France with the benefits expected to come through in H2.”
“We look forward to providing a more detailed update at our H1 results in September.”