Kingfisher: FY sales down, stock up
(CercleFinance.com) - On Wednesday, Kingfisher, Europe's leading DIY company, reported FY sales for that are down, while mentioning that they have picked up in recent months.
The group, which owns the B&Q (UK) and Castorama (France) stores, reported a 1.5% decline in sales for its stores that have been open for more than a year in FY 2019/2020, (to end-January).
The accounts were weighed on by France, where sales fell by 3.2% on an organic basis over the fiscal year, despite organic growth that recovered to 3.3% over the last three months of the year.
As a result of the Coronavirus pandemic, its sales fell by 24.8% on a like-for-like basis during Q1 2020/2021, to end-April, before rebounding by 21.8% in the first weeks of the second quarter, i.e. up until 13 June, in particular driven by e-commerce.
The Kingfisher share was up about 5% on Wednesday morning, largely outpacing the Euro Stoxx retail index (+1%).
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The group, which owns the B&Q (UK) and Castorama (France) stores, reported a 1.5% decline in sales for its stores that have been open for more than a year in FY 2019/2020, (to end-January).
The accounts were weighed on by France, where sales fell by 3.2% on an organic basis over the fiscal year, despite organic growth that recovered to 3.3% over the last three months of the year.
As a result of the Coronavirus pandemic, its sales fell by 24.8% on a like-for-like basis during Q1 2020/2021, to end-April, before rebounding by 21.8% in the first weeks of the second quarter, i.e. up until 13 June, in particular driven by e-commerce.
The Kingfisher share was up about 5% on Wednesday morning, largely outpacing the Euro Stoxx retail index (+1%).
Copyright (c) 2020 CercleFinance.com. All rights reserved.