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B&Q owner profits slump as French sales fall | B&Q owner profits slump as French sales fall |
(35 minutes later) | |
Kingfisher, the owner of DIY chains B&Q and Screwfix, has blamed "particularly difficult" trading conditions in France and an adverse foreign currency moves for a fall in third quarter profits. | Kingfisher, the owner of DIY chains B&Q and Screwfix, has blamed "particularly difficult" trading conditions in France and an adverse foreign currency moves for a fall in third quarter profits. |
The group said profit fell 11.8% to £225m with total sales down 3.6% in the 13 weeks to 1 November. | |
In France total sales fell 9.3%, but this was partially offset by a stronger UK performance where sales rose 4.8%. | In France total sales fell 9.3%, but this was partially offset by a stronger UK performance where sales rose 4.8%. |
It said it remained cautious on the outlook, particularly in France. | It said it remained cautious on the outlook, particularly in France. |
"Trading conditions in our largest and most significant market, France, were particularly difficult" said Kingfisher boss Sir Ian Cheshire, who steps down in December. | "Trading conditions in our largest and most significant market, France, were particularly difficult" said Kingfisher boss Sir Ian Cheshire, who steps down in December. |
Sir Ian is due to be replaced by Veronique Laury - currently the chief executive of Castorama France. | |
The group blamed its weak performance in France, where it owns the Castorama and Brico Depot chains, on an "ongoing soft market". | The group blamed its weak performance in France, where it owns the Castorama and Brico Depot chains, on an "ongoing soft market". |
It said consumer confidence, higher taxes and a "declining market" for housing and construction had all contributed to the steep fall in sales. | It said consumer confidence, higher taxes and a "declining market" for housing and construction had all contributed to the steep fall in sales. |
In the UK, it credited a "stronger UK economy and more buoyant housing construction" for its rise in sales. | In the UK, it credited a "stronger UK economy and more buoyant housing construction" for its rise in sales. |
The performance of its Screwfix chain was particularly strong, with like-for-like sales up 13.1%. | |
It said a combination of continued expansion, it opened 12 new outlets in the period, and new ranges had helped drive up sales. | It said a combination of continued expansion, it opened 12 new outlets in the period, and new ranges had helped drive up sales. |
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