Kingfisher's (KGF) third-quarter results came in slightly below expectations. Group trading profit increased by 2 per cent at constant currencies to £271m, which was 3 per cent short of consensus forecasts, driven primarily by weak trading in France.
Here, like-for-like sales were flat, with Castorama's 2.3 per cent growth offsetting a 2.6 per cent decline at Brico Dépôt. Costs were higher year-on-year too, resulting in a 5.6 per cent fall in the retail profit to £140m. Sales in the UK and Ireland grew 2 per cent, but this was supported by the trade business - Screwfix grew sales by 11 per cent, while B&Q managed just 0.4 per cent growth. In Poland, sales fell slightly to £306m, but cost efficiencies more than offset cost inflation resulting in an 18 per cent increase in the retail profit to £42m.
