Sales growth for Kingfisher

B&Q’s sales have bounced back following warmer weather in the UK, but shares in its parent company fell due to its poor performance in France.

B&Q owner Kingfisher posted group sales of £3.26 billion for the second quarter, representing like-for-like sales growth of 1.6%.

Like-for-like sales rose 4.2% across the UK and Ireland, but fell 1% in France.

Despite the company facing a “weak UK consumer backdrop”, B&Q’s sales rose 3.6%, while Screwfix’s sales climbed by 5.5%.

DIY store Castorama was the drag on sales in France, with like-for-like sales dropping by 3.8% over the period.

Kingfisher pinned the results in France on weaker footfall and the impact of a transformation plan under way in Castorama.

Neil Wilson, chief market analyst at Markets.com, said: “The unusually warm summer lifted sales at Kingfisher in the second quarter, but we still see continued weakness in France that is dragging on the group performance.

“After the beast from the east took a nasty chunk out of first-quarter sales, this is a welcome return to like-for-like growth.

“Sometimes retailers can blame it on the weather and in the first half Kingfisher has had both the good and the bad.”

The UK results are a sharp turnaround from the first quarter, when the beast from the east knocked revenues by 8.8%.

Kingfisher’s share price fell 13.90p or 4.82% to 274.50p.

Picture: PA. Screwfix sales have climbed by 5.5%.