B&Q owner Kingfisher sees sales growth pick up

Kingfisher, the owner of DIY chains B&Q, Screwfix and Castorama, says sales growth in the UK and France has accelerated in recent weeks.

The company said sales at stores open more than a year rose by 3.5% to the 10 weeks to 11 July.

In the UK and Ireland - where it runs B&Q and Screwfix stores - sales rose 5.5% compared with a 1.6% rise in the first quarter of the year.

Sales in France rose 1.3%, following a 1.2% drop in the first quarter.

"We have delivered a solid Q2 sales performance to date across all our major businesses, albeit against softer comparatives than in Q1," said chief executive Veronique Laury.

Earlier this year, Kingfisher announced it was to close about 60 B&Q stores in the UK and Ireland over the next two years, although it also said it would open 60 new Screwfix outlets.

In its latest update, the firm said Screwfix was on track to open 11 new stores in the second quarter of the year, taking its total to 412.

Like-for-like sales at B&Q stores rose 3.4% in the 10 week period, while they jumped 16.7% at Screwfix.

"Kingfisher has built on the progress announced at the first quarter update, with a statement which implies rapid progress is being made," said Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers.

"In the UK, the Screwfix business has contributed another stellar performance, retaining its position as the jewel in the crown."