B&Q opens three new stores in Ireland
The FTSE-100 listed group, which also owns Castorama and Brico Depot in France and other markets, said it was sticking with its full-year forecast for adjusted pre-tax profit of £480m (€572m) to £540m (€643m).
The group, which trades from over 1,900 stores, said like-for-like sales in the UK and Ireland rose 5.9% in the three months to April 30 but were down 3.2% in both France and Poland. However, Kingfisher said it won market share in all of those countries.
"Our UK banners performed particularly well, driven by strong seasonal sales and growth in trade and e-commerce," chief executive Thierry Garnier said.
Sunny weather boosted overall retail sales in April and households grew cheerier this month, according to figures published last week that suggested consumer spending might be a bright spot in an otherwise drab outlook for the economy.
However, in France, data showed consumer confidence hit a five-month low this month on growing worries about the economy and unemployment.
Kingfisher noted that in the UK and Ireland, sales of seasonal products, such as garden furniture, barbecues and plants, jumped 28.3% year-on-year, largely due to better weather. But it cautioned that some of this growth was likely to have been pulled forward from the second quarter.
In Ireland, B&Q opened three new stores at locations in Navan, Waterford and Letterkenny. The store openings follow the acquisition by B&Q of three leasehold stores, formerly trading as Homebase, for a purchase price of £3.2m (€3.79m).
Collectively, the three will employ 109 staff, 51 of whom transferred from Homebase. Following a revamp and rebranding programme, the first of the new stores opened in Navan Retail Park. B&Q Waterford will open on Friday, followed by B&Q Letterkenny on Saturday.
The acquisitions build on B&Q's existing network and bring to 11 its portfolio of stores in the Republic of Ireland.
John Eason, B&Q Retail Director, Ireland said: 'This is a landmark moment for B&Q and is indicative of the confidence we have in the Irish market. Opening three new stores builds on the success of our existing eight stores in Ireland and the continuous and growing demand for home improvement products and services nationwide.
'We are so pleased that so many former Homebase colleagues have joined the B&Q family, and we look forward to working with them - alongside our 58 new team members – as we build an even stronger presence in the Irish market. We are also looking forward to welcoming DIY enthusiasts together with home improvement and trade professionals to our new stores, which is for everyone, whatever their home improvement needs.'
Additional reporting Reuters
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