Sales at Kingfisher (KGF), owner of B&Q, fell 2.1 per cent in the first quarter, as weak consumer confidence hit some of its biggest markets. Like-for-like sales declined 4.2 per cent and retail profit slumped 29 per cent to £114m.
In the UK and Ireland, same-stores sales slipped 4.7 per cent and retail profit tumbled 32 per cent to £50m. Meanwhile, in France, sales revenue declined 5.6 per cent and profit fell 17 per cent to £66m.
In other international markets, the picture was equally bleak. Same-store-sales rose just 0.7 per cent, with poor trading in Poland and Spain offsetting better trading elsewhere. The division reported a retail loss of £2m, as profits in individual markets either fell or were flat across the board, with retail losses of £4m and £7m in Russia and China, despite higher sales in both the countries.
Kingfisher blames poor weather for declining footfall, but even sales of many indoor products fell at both Castorama in France and B&Q in the UK.
