Kingfisher sales marking time

Kingfisher, the European DIY market leader, completed its 2010/2011 financial year (to 29 January 2011) with a sales increase (in constant currency) of 0.5 per cent to £ 10.450 bn. This is revealed as a deficit of 0.5 per cent once exchange fluctuations are taken into consideration, and -0.9 per cent in like-for-like terms. In France the UK group recorded sales of £ 4.204 bn, 2.9 per cent (constant currency) more than in the previous financial year; there was also an increase of 1.6 per cent in like-for-like terms. In Great Britain and Ireland the company recorded a sales decline of 2.4 per cent to £ 4.333 bn (-3.0 per cent like-for-like). Sales in the other countries experienced an increase of £ 1.913 bn or 1.7 per cent, though a decrease of 1.2 per cent like-for-like. In the fourth quarter aggregate sales saw a rise of 2.0 per cent (in constant currency) to £ 2.305 bn, or 0.6 per cent like-for-like. In France there was an increase of 3.0 per cent to £ 896 mio. Volume sales in Great Britain and Ireland rose by 0.7 per cent to £ 954 mio. The company’s stores in Poland recorded sales of £ 238 mio, which amounts to an increase of 7.1 per cent (3.3 per cent like-for-like). New openings in Russia resulted in sales growth of 42.5 per cent to £ 64 mio, while an increase of 12.1 per cent to £ 47 mio was announced for Spain. On the other hand, sales in China fell by 21.5 per cent to £ 106 mio following two store closures, which amounts to a decline of 16.2 per cent like-for-like. The company reports that it nevertheless achieved a profit here.