Menu
04/06/2003
Kingfisher sales up after Easter DIY boom
Kingfisher, the owners of BIY retail chain B&Q, has announced trading has been brisk for the first quarter to 3 May 2003, with retail sales up 9.2% to £2.6 billion, partly due to a flurry of spring DIY activity.
B&Q's total sales grew by 12.8%, up 6.3% on a like-for-like basis, and this was reflected in the retail profit which was up 16.7%
In a statement Kingfisher said: "B&Q benefited from the favourable spring weather with particularly strong sales in seasonal products, showroom ranges and power tools."
Four new B&Q Warehouses were opened in the quarter, bringing the total to 96, and the chain of Warehouse-styled premises now accounts for 57% of B&Q’s total UK sales space.
As a whole the group’s home improvement business total sales rose by 17%, up 6.5% on a like-for-like basis. And strong like-for-like growth was achieved in the UK, France, Italy and China. Reported retail profit was up nearly 30% to £132 million. Excluding the effect of currency translation gains, retail profit was ahead 26%.
The group, which has a number of European interests, reported retail profit had risen by 34.4% to £154 million, as the group benefited from the disposal of losses incurred on the sale of German electricals business ProMarkt and currency translation gains arising on restating euro denominated profit into sterling. Kingfisher reported that on an underlying, constant currency basis, retail profit was ahead by 18%.
However, the KESA Electricals business, that includes Comet, has continued to face "tough market conditions" particularly in continental Europe for both the electrical goods and furniture products retail sectors. Total sales for the quarter, excluding those of the recently-sold ProMarkt, grew 9.1% but declined 1.3% on a like-for-like basis. Reported retail profit rose by nearly 72% in the quarter reflecting the elimination of German losses and currency translation gains.
The KESA business arm, which reported a profits fall of 16%, is to be demerged from Kingfisher and from next month will be listed separately.
Also, in a move that is aimed at defusing the ongoing 'fat cat' executive payout row, Kingfisher announced that it would cap future payouts under the executive pay scheme and more clearly stated the conditions relating to the company's executive share option scheme.
(SP)
B&Q's total sales grew by 12.8%, up 6.3% on a like-for-like basis, and this was reflected in the retail profit which was up 16.7%
In a statement Kingfisher said: "B&Q benefited from the favourable spring weather with particularly strong sales in seasonal products, showroom ranges and power tools."
Four new B&Q Warehouses were opened in the quarter, bringing the total to 96, and the chain of Warehouse-styled premises now accounts for 57% of B&Q’s total UK sales space.
As a whole the group’s home improvement business total sales rose by 17%, up 6.5% on a like-for-like basis. And strong like-for-like growth was achieved in the UK, France, Italy and China. Reported retail profit was up nearly 30% to £132 million. Excluding the effect of currency translation gains, retail profit was ahead 26%.
The group, which has a number of European interests, reported retail profit had risen by 34.4% to £154 million, as the group benefited from the disposal of losses incurred on the sale of German electricals business ProMarkt and currency translation gains arising on restating euro denominated profit into sterling. Kingfisher reported that on an underlying, constant currency basis, retail profit was ahead by 18%.
However, the KESA Electricals business, that includes Comet, has continued to face "tough market conditions" particularly in continental Europe for both the electrical goods and furniture products retail sectors. Total sales for the quarter, excluding those of the recently-sold ProMarkt, grew 9.1% but declined 1.3% on a like-for-like basis. Reported retail profit rose by nearly 72% in the quarter reflecting the elimination of German losses and currency translation gains.
The KESA business arm, which reported a profits fall of 16%, is to be demerged from Kingfisher and from next month will be listed separately.
Also, in a move that is aimed at defusing the ongoing 'fat cat' executive payout row, Kingfisher announced that it would cap future payouts under the executive pay scheme and more clearly stated the conditions relating to the company's executive share option scheme.
(SP)
Related UK National News Stories
Click here for the latest headlines.
06 March 2012
Consumers Still Not Spending
Shoppers have continued to keep their spending in check despite recent signs of hope for the UK economy. According to The British Retail Consortium UK retail sales values were down 0.3% on a like-for-like basis from February 2011, when sales had fallen 0.4%. Total sales, including store openings, were up 2.3% but with inflation at 3.
Consumers Still Not Spending
Shoppers have continued to keep their spending in check despite recent signs of hope for the UK economy. According to The British Retail Consortium UK retail sales values were down 0.3% on a like-for-like basis from February 2011, when sales had fallen 0.4%. Total sales, including store openings, were up 2.3% but with inflation at 3.
19 February 2004
Strong retail sales growth stokes interest rate hike
The strong surge in retail sales revealed in the latest figures from the Office of National Statistics (ONS) has fuelled speculation that another interest rate rise is imminent. According to the ONS figures retail sales in the UK leapt 0.6% in January, raising sales to 6.4% above that of the previous year.
Strong retail sales growth stokes interest rate hike
The strong surge in retail sales revealed in the latest figures from the Office of National Statistics (ONS) has fuelled speculation that another interest rate rise is imminent. According to the ONS figures retail sales in the UK leapt 0.6% in January, raising sales to 6.4% above that of the previous year.
06 August 2009
Accolade For 'Voluntary' Nursing Homes
On average, not-for-profit nursing homes deliver higher quality care than for-profit nursing homes. This is one of the findings in a new study published this week on the British Medical Journal's website, bmj.com.
Accolade For 'Voluntary' Nursing Homes
On average, not-for-profit nursing homes deliver higher quality care than for-profit nursing homes. This is one of the findings in a new study published this week on the British Medical Journal's website, bmj.com.
28 March 2014
Retail Sales Bounce Back A 1.7% Rise In February
Retail sales increased more than expected in February according the official figures recuperating their sales volumes until nearly 1.7% last month after the post-Christmas slump when it felt a 2%. In fact, February sales were 3.
Retail Sales Bounce Back A 1.7% Rise In February
Retail sales increased more than expected in February according the official figures recuperating their sales volumes until nearly 1.7% last month after the post-Christmas slump when it felt a 2%. In fact, February sales were 3.
19 September 2013
NSO Reports Surprise Fall In Retail Sales
The Office for National Statistics have reported a 0.9% fall in retail sales volumes in August, as opposed to 0.4% rise that analysts had predicted. Despite the fall sales volumes were still 2.1% higher than in the same period in 2012, when the Olympics affected spending.
NSO Reports Surprise Fall In Retail Sales
The Office for National Statistics have reported a 0.9% fall in retail sales volumes in August, as opposed to 0.4% rise that analysts had predicted. Despite the fall sales volumes were still 2.1% higher than in the same period in 2012, when the Olympics affected spending.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
