LONDON (dpa-AFX) - Kingfisher Plc (KGF.L) posted a 4.6% increase in its total sales for the third quarter ended October 29, 2011 amounting to 2.81 billion pounds, with like-for-like Group sales growth of 1.3%. Also, Group total sales were up 3.5% with growth in each of the three main operating units, and Group retail profit up 13.1% at constant currency, driven by higher sales and continued margin initiatives, including benefits from more direct sourcing and the start of common ranging.
Ian Cheshire, Group Chief Executive, said, 'Looking ahead, the short-term outlook in our major markets remains challenging but Kingfisher is in good shape, and we are more able to drive market share gains, profit growth and higher cash returns.'
Kingfisher France continued to outperform the market with self-help initiatives driving sales ahead 2.9% to 1.19 billion pounds, the company added. Castorama total sales grew 2.6% to 634 million pounds, supported by continued progress with the store modernisation programme, new range introductions and the innovative 'Do-it-Smart' marketing campaign aimed at making home improvement projects easier for customers.
Copyright RTT News/dpa-AFX
