Kingfisher bemoans weak B&Q sales
Brand owner says weak consumer backdrop behind sales dip
By CFOWorld.co.uk staff | CFO UK | Published 13:44, 29 November 12
Europe's biggest home improvement retailer and owner of the B&Q brand – Kingfisher – has announced a like-for-like sales fall at the home improvement retailer of 4 percent to £906 million in the three months to 27 October.
A Kingfisher spokesperson said on Thursday that the UK and Ireland’s "generally weak consumer backdrop" was behind a fall in B&Q sales. The company described the environment in Ireland as "particularly challenging."
However, B&Q's retail profit grew 1.7 percent to £45 million.
Overall, Kingfisher's group sales – including brands such as Screwfix, Brico Depot and Castorama – were down 3.9 percent to £2.7 billion for the quarter with retail profits down 5.9 percent to £257 million.
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