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Sales at UK's Kingfisher edge higher on stronger home market

British home improvement retailer Kingfisher reported a small rise in underlying sales.

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

British home improvement retailer Kingfisher reported a small rise in underlying sales in its latest quarter, with growth in its home market, Poland and Romania more than offsetting falling sales in France.

Kingfisher is in the fourth year of a five-year programme that was designed to boost earnings. However, profits actually went backwards in its 2018-19 year and the group said in March it would part company with Chief Executive VĂ©ronique Laury, its boss since 2014.

The group, whose main businesses are B&Q and Screwfix inBritain and Castorama and Brico Depot in France and elsewhere, said like-for-like sales were up 0.8% in the three months to April 30, its fiscal first quarter.

Like-for-like sales rose 3.4%, 6.2% and 24.6% in the UK & Ireland, Poland and Romania respectively but were down 3.7% in France.

Total group sales were 2.8 billion pounds, up 1.7%.

Kingfisher said its expectations for the full 2019-20 year were unchanged.

The group was up against weak comparative numbers in the first quarter. In the same period last year group like-for-like sales fell 4% as adverse weather conditions dented demand.

Shares in Kingfisher, down 17% over the last year, closed Tuesday at 241.8 pence, valuing the business at 5.12 billion pounds.

This article was from Reuters and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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