Wednesday, 24 May 2017

Weak French sales and restructuring costs hit Kingfisher

Shares in Kingfisher, the owner of B&Q and Screwfix, have slumped after revenues were hit by weak French sales and restructuring costs.

Kingfisher shares were the worst performer on the London stock market in early trade, falling more than 6%.

In the first three months of the year sales dropped 0.6% in stores open for at least 12 months.

Sales in its French chains Castorama and Brico Depot fell 5.5%. The firm is cautious about future prospects there.

However, sales at its UK Screwfix business surged 12.6%, or by 20.3% when newly opened stores were included.
Total group sales, including those at newly opened stores, were up 5% to £2.86bn.

BBC    News.