Kingfisher B&Q's it

18 February 2003

B&Q’s Q4 likeforlike sales surged 8.8%. Moreover, the business may not be as exposed to a dowturn as its rivals. And, in spite of Dixons January bloodbath, electricals retailer Comet held up better than expected.

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Kingfisher said fullyear results would be ahead of market expectations, and that a stock market demerger of its electrical and DIY businesses was the likeliest option. The group reported a 13% rise in sales for the fourth quarter, with likeforlike growth of 3.6%.

DIY was the star performer with overall sales growth of 18% in Q4 including 6.3% on a likeforlike basis. In the UK DIY sales were up 18% in Q4 to £874m, helped by strong sales of own brand power tools. B&Q's likeforlike sales grew by 8.8%. In France, Castorama saw a likeforlike sales increase of 1.5% in the quarter.

Total electrical sales in the quarter rose by 7.2% to £1.3bn, but likeforlike sales were almost flat. France saw likeforlike sales at Darty fall by 3.2% in the period. The results at the UK's Comet were better than expected. Total sales for the quarter rose by 7.1% and likeforlike sales grew by 3.5%.

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