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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)
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