DIY tradesman Kingfisher has reported a dump in third-quarter increase after being strike by a “soft” marketplace in France and by inauspicious banking movements.Kingfisher, that owns BQ and Screwfix in a UK and Castorama and Brico Depot in France, pronounced sell increase for a entertain fell 6.6% to £223m.Underlying UK and Ireland sales were adult 4.6%, though rose only 0.1% in France.Currency swings, including a weakening of a euro opposite a pound, took £17m off profits.Q3 trade conditions have followed a identical trend to a initial half of a year, reflecting a some-more enlivening macroeconomic backdrop in a UK equivalent by a softer marketplace in France,” said arch executive Veronique Laury.
Earlier this year, Kingfisher pronounced it would tighten 60 BQ stores. However, it is augmenting a series of Screwfix stores, where sales have been flourishing most faster.
Like-for-like sales during BQ were adult 2.4% in a 3 months to a finish of October, while Screwfix sales jumped 13.3%.
However, a weaker housing marketplace in France influenced sales there. Castorama sales slipped 0.2% on a like-for-like basis, nonetheless they rose 0.4% during Brico Depot.
“Today’s refurbish from Kingfisher highlights a typically churned bag of results,” pronounced David Alexander, consultant during sell analysts Conlumino.
“While it is creation swell in a UK, amid an improving consumer context, sales in France were disappointing, with a organisation sketch courtesy to a delayed expansion of residence building opposite a Channel as a pivotal cause underpinning a lifeless performance.”
He pronounced it was still “early days” for Ms Laury’s new plan for Kingfisher, though added: “Given a problems BQ continues to face in bettering to a new figure of DIY direct and a unlucky mercantile meridian in France, swell so distant has been acceptable.”