B&Q pins hopes on warm weather to boost demand

KINGFISHER is pinning its hopes on a sunny summer after poor weather in its first quarter dampened sales of garden furniture and barbecues.

Although wet weather hit sales in the UK and France this spring, the B&Q and screwfix owner said it was optimistic that sales would increase over the coming weeks, after the weather improved in April.

sales for the three months to April 30 were down 3.3pc at £3.3bn, while seasonal products such as garden and outdoor items were 11pc lower.

Chief executive Thierry garnier said: ‘The unusually poor spring weather in the UK and France affected our seasonal sales in the quarter, impacting demand for items such as garden and outdoor products.

‘We have, however, seen an improvement in trading since early April and anticipate a release of some pent- up demand as the weather continues to improve.’

in the UK, sales of ‘big ticket’ items were up 2.1pc, with buoyant demand for bathroom and storage products, as well as annual growth for electricals and plumbing items.

The retailer said it was on track to meet analyst expectations for a £ 534m annual profit for the 2023-24 financial year, a 16pc dip on last year. Kingfisher reaped the rewards of a lockdown DIY boom when thousands flocked to stores to make a start on home and garden improvements.

During the pandemic, Kingfisher became only the third British retailer to make £1bn in annual profits.

The company joined Tesco, the UK’s biggest supermarket, and High street stalwart Marks & spencer in reaching the milestone. But yesterday Kingfisher’s share price slumped more than 2pc, adding to a 4pc dip over the past year, with one analyst reckoning that ‘investors hate excuses’.