French chain drags on B&Q owner's sales
Kingfisher, the owner of DIY chain B&Q, has reported a 1.3pc decline in like-for-like sales to £3bn (€3.4bn) in the three months to October 31.
The result came in below Davy analyst expectations. Davy had predicted a 0.8pc drop. Castorama, the group's retail chain in France, remains a problem for the company, reporting a 7.3pc decline in like-for-like sales, according to a trading update from Kingfisher. Analysts had predicted a 4.5pc drop in sales at Castorama.
In Ireland and the UK, like-for-like sales at B&Q were down 2.9pc year-on-year to £850m (€955m), while its Screwfix chain reported a 4.1pc rise in sales to £442m (€497m).
B&Q has stores in a number of locations in Ireland, including Athlone, Cork, Limerick, Galway, and Dublin.
Kingfisher CEO Véronique Laury said that the group was addressing the issues it faces. "Our main challenge is Castorama France and we shared our action plan to fix it at the half year," Ms Laury said.