B&Q surprises City with sales rebound
Published Date:
25 July 2008
By Jane Bradley
B&Q owner Kingfisher was yesterday cheering a better-than-expected sales performance at the DIY chain, boosted by better weather.
The group said B&Q's UK arm was trading "solidly" after like-for-like sales edged up 0.2 per cent in the ten weeks to 12 July, compared with the 8.1 per cent first-quarter decline.
Kingfisher said sales of B&Q's seasonal ranges were up by a fifth as figures benefited from comparison with last year's weather-hit summer.
It described the UK market as "tough" but said total sales were up by 5.1 per cent overall after opening 13 trade counters at its Screwfix building supplies business.
Total group sales at Kingfisher, which is Europe's biggest home improvement retail group and the third-largest in the world, were up 4.4 per cent, but down 1.5 per cent on a like-for-like basis after a weak housing market hit Brico Depot in France and trading remained difficult in China.
Recently-appointed chief executive Ian Cheshire, who is trying to halt three years of successive profit falls for Kingfisher, said: "We have achieved sales growth and taken action to improve gross margins."
The full article contains 206 words and appears in The Scotsman newspaper.
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Last Updated:
24 July 2008 8:44 PM
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Source:
The Scotsman
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Location:
Edinburgh
