B&Q owner Kingfisher has reported a solid set of third-quarter results, driven by another strong performance at Screwfix. The group said like-for-like sales in the UK rose 5.8% in the three months to the end of October, helping total revenue grow 1.8% to £2.96 billion and Ireland figures boosted by a 12.7% rise at Screwfix and one of 3.5% at B&Q, despite store closures.Like-for-like sales in Poland rose by 6.7% thanks to a better product range.
CEO Veronique Laury said the company was making good progress with its five-year transformation plan. She added:
“Q3 trading conditions have followed a similar trend to the first half. We have delivered another solid sales performance overall, trading in line with expectations.
“We are gearing up for next year when the level of transformation activity will significantly increase. We remain confident in our ability to deliver our ambitious plan, based on always putting customer needs first, supported by the expertise and energy of our colleagues.”
She said her team had continued to make good progress on the strategic milestones in the first year of her five-year ONE Kingfisher transformation.
“In addition, we are gearing up for next year when the level of transformation activity will significantly increase.”
Boosted by 11 store openings and various new and extended product ranges, Screwfix total sales surged 23.1%, with LFL sales up 12.7%, compared to 24% and 14.7% in the first half.
Poland’s 26.7% reported sales growth and 4.7% LFL growth. France, although total sales were up 16%, saw constant currency sales down 2.6% and LFL sales down 3.6%, with both Castorama and Brico Dépôt similarly negative.
As part of Ms. Laury’s revival plans, the chief executive is aiming to boost profits by £500 million a year by 2021.