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Kingfisher quarterly sales dented by March cold snap

Kingfisher quarterly sales dented by March cold snap
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LONDON (Reuters) – Kingfisher <KGF.L>, Europe’s second largest home improvement retailer, said on Thursday sales in its latest quarter were dented by unusually adverse weather conditions in March which impacted shopper footfall.

The firm said in Britain like-for-like sales at its B&Q business slumped 9 percent in the three months to April 30, while growth at the Screwfix chain slipped to 3.6 percent.

Analysts had forecast a decline of about 8 percent and a rise of 5 percent respectively.

Kingfisher said in France, where it trades as Castorama and Brico Depot, like-for-like sales were down 3.9 percent, broadly in line with analysts’ expectations.

Overall group like-for-like sales fell 4.0 percent, with 3.0 percent of that decline attributed to the weather.

Kingfisher said market conditions “continue to be mixed.”

(Reporting by James Davey; editing by Kate Holton)

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