B&Q In Sales Fall As Screwfix Bolsters Results

B&Q has seen a fall in sales due to a drop-off in outdoor seasonal and building products.

Like-for-like sales for the DIY chain in the UK and Ireland (Other OTC: IRLD - news) were down 1.1% in the first quarter.

But Kingfisher, which owns B&Q, saw better results from its building supplies chain Screwfix, where like-for-like sales rose by 15.4% in the 13 weeks to 2 May.

This performance helped the group to increase overall comparable sales by 1.6%.

Kingfisher (LSE: KGF.L - news) also pointed out its UK and Ireland business was up against strong comparable figures from a year earlier, when like-for-like sales rose 9.7% due to a later Easter and good weather.

Chief executive Veronique Laury, who took over from Sir Ian Cheshire in December, said the group was making "good progress" with its shake-up of the business.

She announced in March up to 60 B&Q stores would shut over the next two years, affecting around 3,000 jobs in the UK and Ireland.

It was one of a number of "sharp" decisions taken as part of the overhaul.

With the publication of the latest sales figures, Ms Laury said: "Our first 'sharp' decisions are being worked on at pace."

She added: "We are pleased to report that we already have agreements to dispose of a quarter of the B&Q stores earmarked for closure."

Across the whole business, Kingfisher, which is Europe's biggest home improvement retailer, reported a first quarter profit of £150m - a rise of 1.4% - based on sales of £2.6bn.