Retail Week looks ahead to the next seven days with second quarter results from both Asda and Kingfisher on the agenda.
Asda
The supermarket giant unveils its second quarter trading performance on Thursday – its first update under new boss Sean Clarke.
Asda owner Walmart parachuted Clarke in from its Chinese business last month in a bid to transform the fortunes of the embattled grocer, which has endured a turbulent 18 months. Like-for-like sales plummeted 4.7% in the year to January 1, with sales in its final quarter slumping 5.8%.
Clarke is understood to have placed the revamp of Asda’s larger stores at the top of his to-do list as he bids to fight back against big four rivals and discount duo Aldi and Lidl, who have wooed shoppers away from the grocer and eaten into its market share. But it could be too early to expect any signs of a sales recovery as Clarke continues to get his feet under the table.
Kingfisher
The B&Q and Screwfix owner reports its second quarter results on Thursday. It will be hoping to sustain its first quarter performance, when it racked up a 3.6% rise in like-for-like sales.
In that quarter Screwfix significantly outperformed B&Q, enjoying a 16.2% spike in like-for-likes as total sales surged 23.5% to £301m in constant currencies.
The DIY giant’s results should shine a light on post-Brexit consumer confidence in the housing market. It faces an increasingly competitive UK landscape with Wesfarmers’ acquisition of Homebase, which is soon to be rebranded as Bunnings.
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