Kingfisher’s share price falls despite third quarter sales rising to £2.7bn
Kingfisher's share price fell this morning as it revealed sales had climbed 2.6 per cent to £2.7bn for the third quarter, but down 2.5 per cent on a reported basis.
The retail giant, which owns Screwfix and B&Q, also reported a profit on retail activities of £223m, up just 0.4 per cent on a constant currency basis and down 6.6 per cent on a reported basis.
The company’s ventures in France, Castorama and Brico Depot, performed particularly poorly with sales for the region up just 0.1 per cent on a like-for-like basis to £990m, and profits down 7.5 per cent on a constant currency basis to £109m.
Kingfisher’s share price dropped in early morning trading, reaching a low of 333.7p, down 3.3 per cent on a previous close of 345.1p.
“Third quarter trading conditions have followed a similar trend to the first half of the year, reflecting the more encouraging macroeconomic backdrop in the UK offset by a softer market in France,” said Veronique Laury, Kingfisher’s chief executive officer.
Laury, who took up her appointment as chief executive earlier this year, said the "One" strategy, which aims to unify the company's brands, was progressing well.