LONDON (dpa-AFX) - Home improvement retailer Kingfisher Plc (KGF.L) reported Thursday that its total group sales were 2.83 billion pounds for the first quarter, down 1.2 percent on a reported basis and down 2.5 percent at constant currency rates.
Like-for-like sales fell 4% reflecting unusually adverse weather conditions which impacted footfall.
UK & IRELAND total sales were 1.22 billion pounds, down 3.7 percent, while LFL sales dropped 5.4% reflecting a weaker performance at B&Q, despite a solid performance at Screwfix.
In France, total sales dropped 1 percent on a reported basis and 3.6 percent at constant currency. LFL sales fell 3.9 percent.
Other international sales grew 4.5 percent, mainly with 8 percent rise in Poland, despite 20 percent drop in Russia.
The company said it is still on track to deliver Year 3 strategic milestones of transformation plan.
Véronique Laury, Chief Executive Officer, said, 'It was a challenging start to the year with exceptionally harsh weather across Europe and weak UK consumer demand. This impacted footfall, especially sales of weather related categories. February and March were particularly affected with sales improving over the course of April and into May.'
Separately, Kingfisher announced a share repurchase program of up to 50 million pounds, which commences on May 24 and ends no later than July 27.
Copyright RTT News/dpa-AFX