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Kingfisher loses sales of 1.3 per cent in the first half of the year

Sales of the B&Q stores fell by 6.3 per cent in the first half of Kingfisher's financial year 2017/2018.

Sales of the B&Q stores fell by 6.3 per cent in the first half of Kingfisher's financial year 2017/2018.

The British Kingfisher group has closed the first half of its financial year 2017/2018 (ending 31 July 2017) with a decline in sales. On the one hand, sales increased nominally by 4.5 per cent to GBP 6.008 bn. However after adjusting for currency effects, it lay at 1.3 per cent below the corresponding previous year's level; the same applies for like-for-like.

The main reason was declines in the most important markets. In Great Britain and Ireland, the sales drop of currency-adjusted 0.4 per cent only turned out so moderately because the Screwfix sales channel still grew in double-digits (18.7 per cent to GBP 727 mio). In contrast, B&Q lost 6.3 per cent (like-for-like -2.3 per cent) with a volume of GBP 1.875 bn.

In France, sales by the Castorama stores fell by 3.1 per cent to GBP 1.255 bn (like-for-like -3.5 per cent). Brico Dépôt made 5.4 per cent less sales with GBP 1.018 bn than the corresponding previous year's level (like-for-like -5.9 per cent).

Kingfisher still reports growth from Poland where the Castorama and Brico Dépôt stores made sales of GBP 694 mio, thus 5.7 per cent more (like-for-like +3.8 per cent). Castorama remained 4.6 per cent behind the previous year's value with GBP 196 mio (like-for-like -9.1 per cent), Brico Dépôt Spain missed the previous year's value by 4.9 per cent with GBP 169 mio (like-for-like -3.2 per cent). The half-year report doesn't show sales for the relatively young activities in Romania, Portugal and Germany, but a joint loss of returns of GBP 10 mio.

In the report, Kingfisher stresses the progress which has been made in the "One Kingfisher" five year plan. It states that the standardised assortment with new product ranges have been well received by customers. The number of suppliers and SKUs are to be reduced by around 80 per cent by the end of the year.

|21 September 2017


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