Poor weather hammers B&Q figures

● Parent company Kingfisher reports DIY firm’s revenue down 4.7 per cent

gamely to mask an otherwise pretty ropey set of numbers from the rest of the group. This time the trade-focused brand’s leap in sales was not enough to paper over the cracks.”

He also addressed the suggestion of Screwfix becoming a standalone business, but added that common sourcing savings “may be the reason not to go down this route”. Also commenting was George Salmon, equity analyst at Hargreaves Lansdown. He said: “It’s sometimes difficult to get a grip on the underlying direction of travel at Kingfisher, so dependent is the group on the vagaries of the weather.

“However, with the transformative One Kingfisher plan suffering from disruption and like-for-like sales in both France and the UK in negative territory, there aren’t many bright spots for investors in these results. A silver lining of sorts is that it looks like Kingfisher isn’t alone in having difficulties in the UK. The group’s flagship B&Q chain saw likefor-like sales fall 4.7 per cent, which is similar to the 4.3 per cent fall at Bunnings UK, the new owner of Homebase.”

In March, Kingfisher signalled it had finished its B&Q store-closure programme, which has seen it shut 65 shops and slash about 3,000 jobs in the UK and Ireland over the last two years.