Strong Screwfix sales boost Kingfisher's revenue
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.
Like-for-like sales at Screwfix rocketed 12.7%, while B&Q notched up respectable growth of 3.5%.
Chief executive Veronique Laury, who is overseeing a turnaround plan at the retailer, said: “Third-quarter trading conditions have followed a similar trend to the first half. We have delivered another solid sales performance overall, trading in line with expectations.
“Sales have been driven by Poland and the UK, especially Screwfix, offset by softer sales in France.”
In France, where it trades as Castorama, Kingfisher saw like-for-like sales fall 3.6%. Polish sales were up 6.7% on a like-for-like basis.
In August, the company said that while the EU referendum result has created uncertainty, there has been no clear evidence of an impact on business so far.
As part of Ms Laury’s revival plans, the chief executive is aiming to boost profits by £500 million a year by 2021.
She added: “We continue to make good progress on our strategic milestones in the first year of our five-year One Kingfisher transformation, and remain on track. In addition, 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.”