Europe's biggest home improvement retailer Kingfisher posted a small fall in underlying second-quarter sales as a hit to its British business from the closing down sale of a rival outweighed solid growth in France.
The group, which runs market leader B&Q in Britain as well as the Castorama and Brico Depot chains in France and elsewhere, said sales at stores open over a year fell 0.5 per cent in the 11 weeks to July 16th.
That was down from a 3.3 per cent rise in the first quarter, although Kingfisher said at that time a warm spring and an extra public holiday in Britain had pulled demand forward.
Underlying sales at B&Q plunged 6.7 per cent, hit by the clearance sale at collapsed rival Focus DIY.
Analysts expected a 4 per cent decline, according to a Reuters poll, and think Kingfisher should benefit from the demise of Focus DIY in the longer term, not least because it has bought around 30 of its stores.
Kingfisher, which makes about 40 per cent of its sales in each of Britain and France, said underlying sales rose 3.7 per cent in France and were up 1.4 per cent in other international markets, with gains in Poland, Russia and Spain offsetting a fall in China.
Reuters
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)