B&Q hammered by Beast from the East

HOME improvement sales at B&Q were hammered after heavy snow forced DIY fanatics to shelter from the cold.

Revenue at the Kingfisher-owned retailer tumbled 9pc during the three months to April 30, dragging the group’s sales 4pc lower.

Screwfix continued to be Kingfisher’s saving grace as sales increased 3.6pc in the UK and 18.6pc in Germany.

Neil Wilson, chief market analyst at markets.com, said the results were still ‘pretty bad’. ‘Uncertainty around the economic outlook and the slower property market are concerns for Kingfisher that don’t look like they are going away.’

Kingfisher boss Veronique Laury said: ‘We remain confident about delivering the business and customer benefits of our transformation plan.’ It launched a £50m share buyback as part of plans to return £600m to shareholders.