B&Q see sales rise thanks to sunny weather
July 26, 2008
Kingfisher, owners of the B&Q chain, have seen their shares rise 8.4% as the summer weather helped to encourage sales of outdoor furniture and barbecues.
Like for like sales rose 0.2% in the UK during the 10 weeks to 12 July. Shares in Kingfisher rose 9.9% on Thursday.
However sales in France and China fell. This brought Kingfishers total international like for like sales down 4.7% over 10 weeks.
The Chinese government has implemented plans to calm the soaring price of property in the cities. This has had a knock on effect on sales ay B&Q in China, as sales had previously soared as it is common in China to sell apartments as basic concrete shells which are the fully fitted out by B&Q.
Kingfisher now plans to close five of its 62 stores in China and to downsize some of its larger stores.
Chief executive of Kingfisher, Ian Cheshire said “As anticipated the UK market remains extremely tough, but we are trading solidly. We are cautious about the consumer outlook. However, I am confident that the investments made in recent years have improved our value credentials and customer offer, particularly in the UK and France, leaving us well placed to trade effectively in difficult times.”
See www.kingfisher.co.uk for more information on Kingfisher and www.diy.com for information on B&Q and their products and services.
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