Home-improvements chain Kingfisher logs rising sales

28th November 2013, Comments 0 comments

Kingfisher, Europe's biggest home-improvements retailer, said Thursday that sales advanced in the third quarter of its financial year as overseas expansion helped to offset tough trading in France.

Group revenues climbed eight percent to £2.9 billion ($4.8 billion, 3.5 billion euros) in the 13 weeks to November 2, compared with the same period of 2012, Kingfisher said in a trading update.

Kingfisher, which runs the B&Q home improvements chain in Britain as well as Castorama and Brico Depot stores in France, added that profit also rose.

"Following a mixed first half, we have seen growth in both sales and profits in our third quarter, one of our most significant trading periods in the year," chief executive Ian Cheshire said in the earnings statement.

"Whilst we have delivered sales growth in each of our geographies our markets remain challenging, especially in France where consumer confidence is still weak and with no obvious signs of an imminent improvement."

Group retail profit, a key industry measure that adjusts for exceptional items, rose 1.7 percent on a constant currency basis to £271 million in the third quarter from a year earlier, Kingfisher said.

© 2013 AFP

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