Kingfisher has released its results for Q3 2024 to 31 October, with total group sales dropping by 0.6%.
The company’s total group sales were £3,221 million. Total sales reached £1,617 million in the UK and Ireland, up 1.2%. Sales of the B&Q segment dropped by 1% to £936 million.
“Despite the weaker market in October, overall sales in Q3 improved across all categories compared to Q2, with positive LFL sales in core and seasonal categories including tools and hardware, building and joinery and outdoor,” the company said.
B&Q’s total e-commerce sales increased by 14.3% year-on-year, with overall e-commerce sales penetration increasing to 14.6%, up from 12.9% in Q3 2023/24. This was driven by the growth of B&Q’s marketplace, with gross merchandise value up 45%.
TradePoint, B&Q’s trade-focused banner, had LFL sales growth of 4.9%, reaching its highest penetration of B&Q’s total sales of 24%. TradePoint also launched its first mobile app in October.
Sales of the Screwfix segment increased by 4.6% to £681 million thanks to robust demand from trade customers, with tools and hardware, building and joinery and outdoor categories having “notable performance”.
“Overall trading in the third quarter was resilient. Improved performance in August and September was offset by the impact of increased consumer uncertainty in the UK and France in October, related to government budgets in both countries,” said Thierry Garnier, Chief Executive Officer.
Looking ahead, Kingfisher expected that the business of the total addressable home improvement market will remain flat in the UK and Ireland markets.
“We are also maintaining a significant year-on-year reduction in net inventory, and our free cash flow guidance range of about £410m to £460m is unchanged,” the company added.
