Kingfisher closed out the first quarter of the 2017/2018 financial year (31 January) with turnover growth of 5.0% to £2.860bn. However, after adjustment for currency-exchange effects and like-for-like selling space, there was year-on-year decline of 0.6%. Only operations in Poland and Great Britain/Ireland achieved growth in turnover after adjustments, while all other areas showed year-on-year deterioration.
In France, the downward trend observed in the previous year accelerated. In the 2016/2017 financial year, Kingfisher had already seen turnover declines after adjustment for selling space of 3% and 2.3% for its French DIY-superstore chains Castorama and Brico Dépôt respectively. From February to April, adjusted turnover was down year on year at Castorama by 4.3% and at Brico Dépôt by 6.8%.
Primarily because of a continuing positive trend for Screwfix, Kingfisher’s turnover in Great Britain and Ireland improved by 1.5% to £1.270bn, increasing after adjustment for currency-exchange effects and like-for-like selling space to 3.5%. Screwfix markets showed growth in revenues of 20.3% to £362m; after adjustment, growth was shown as 12.6%. Turnover generated by B&Q sites fell year on year by 4.4% to £908m, but after adjustment showed growth of 0.5%.