Home improvement retailer B&Q has reported a third quarter growth in like-for-like sales as store closure transference revenue delivers 2% boost.
Kingfisher Plc, the group that houses B&Q and Screwfix within the UK, posted an overall sales growth of 11.5% to £2.9bn, with like-for-like sales up by 1.8% for Q3 to 31 October 2016.
Within the group, B&Q posted a total like-for-like increase of 3.5% in Q3, although its store closure programme, which is almost complete, hindered total sales at £900m, down by 3.6% on last year.
During the period B&Q closed seven more stores bringing its total closures to 59 out of the 65 planned.
Kingfisher highlighted another strong period for Screwfix, as sales generated a 23.1% uptick to £343m, whilst also indicating a strong performance from its international markets with Poland driving sales up by 26.7% to £338m.
Total UK & Ireland sales grew by 2.8% to £1.2bn, with like-for-like sales up by 5.8%.
Véronique Laury, chief executive officer, said: “Q3 trading conditions have followed a similar trend to the first half. We have delivered another solid sales performance overall, trading in line with expectations. Sales have been driven by Poland and the UK, especially Screwfix, offset by softer sales in France.”