B&Q sales slump

Retail group Kingfisher today said sales at its B&Q business were down nearly 9% amid the slump in consumer spending.

The like-for-like figure – based on those stores trading for more than a year - reflected a 14% slide in sales of kitchen and bathroom units and poor demand for seasonal ranges following poor weather in August.

Total revenues for the B&Q division fell 7.8% to £887m (€1bn) in the 13 weeks to November 1.

The stagnant property market meant sales of DIY and room makeover products performed “relatively well” with a 3% drop in the period.

Across the company’s UK division, which also includes the trade business Screwfix, like-for-like sales were down 9.2% in the 13 weeks to November 1. Trading profits for the UK fell £9m (€10.7m) to £36m (€43m), as cost initiatives helped the company offset falling sales.

Chief executive Ian Cheshire said: “Consumer confidence has clearly been shaken over the last few months by international economic events and this has impacted demand in all our markets.”