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June 22, 2017

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Kingfisher logs rising Q1 sales thanks to the favorable weather in Europe

LONDON--Kingfisher, Europe's biggest home-improvements retailer, on Thursday posted rising quarterly sales on the back of warmer weather.

Total revenues rose 6.1 percent to 2.783 billion pounds (US$4.649 billion, 3.420 billion euros) in the 13 weeks to May 3, compared with the same period a year earlier, it said in a trading update.

Kingfisher, which owns French home-improvement chains Castorama and Brico Depot as well as B&Q in Britain, added that pre-tax profits jumped 20 percent to 142 million pounds in the reporting period.

The London-listed firm also announced a special shareholder dividend of 4.2 pence per share as part of its ongoing capital returns program.

"We have made a strong start to the year, capitalizing on more favorable weather conditions right across Europe to achieve sales and profit growth in France, the UK & Poland, our three largest markets," said chief executive Ian Cheshire.

The group added that talks with Mr. Bricolage were continuing, as it seeks to extend its strong presence in France.

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