B&Q owner Kingfisher enjoys warm weather boost

Kingfisher, Europe's second largest home improvement retailer, reported a pick-up in underlying sales in its latest quarter, with demand for seasonal products boosted by the prolonged spell of warm weather.

The group, which trades as B&Q in Ireland and Britain and as Castorama and Brico Depot in France, said on Thursday its like-for-like sales rose 1.6 percent in the three months to July 31, its second quarter period. The company also has the Screwfix brand in the UK.

That compares with a fall of 4.0 per cent in its first quarter, when sales were hit by winter snow storms across Europe.

The company said it was on track to deliver on its targets for this year, but that its Castorama business was dragging on performance and it had taken steps which should lead to an improvement from the brand in the second half of the year. – Reuters