Kingfisher UK and Ireland fourth quarter like-for-likes fall 5.8%

UK and Irish total sales were up 2.9% to £997m in the 14 weeks to February 2 compared with a 13-week period the previous year. However, on a comparable 13-week basis sales fell 4.2%.

Group like-for-likes dipped 3.4%. Total group sales were up 1.5% to £2.39bn for the 14-week period but on a comparable 13-week period were down 1%.

Kingfisher group chief executive Ian Cheshire said: “We have had a tough fourth quarter, ending what has been a tough year impacted by unfavourable foreign exchange, particularly poor weather in the UK and weaker consumer confidence in our major markets.

“Thanks to the hard work of our teams and our established programme of self-help initiatives, we end the year in good shape with a strong balance sheet and higher market share.”

 B&Q like-for-likes dropped 6.4% as total sales for the 14 weeks hit £842m, down 6.4% on a comparable 13-week basis.

The retail group said this reflected the “weak consumer backdrop” in the UK. Its Irish business, where it had nine stores, is now in examinership.

Gross margins are expected to be down as there was a higher mix of trade sales and additional promotional activity in December.

Screwfix total sales for the 14 weeks reached £155m, up 10.3% on a comparable 13-week basis driven by new store openings and its ‘click, pay and collect scheme’.

Cheshire said the group will continue to focus on improving its customer offer and optimising cash generation in the year ahead.

The DIY group expects full year adjusted pre-tax profit to be in line with analyst expectations of £715m.