A strong performance by Screwfix provided some consolation for Kingfisher's departing boss today after the DIY chain was hit by poor trading in France.
Sir Ian Cheshire, who steps down on December 8 after seven years at the helm of the B&Q owner, reported an 11.8% fall in retail profits to £225 million for the 13 weeks to November 1 as sales slipped 3.6% to £2.8 billion.
Profits in France slumped by 14% to £120 million but the figure was up 11.1% to £70 million in the UK and Ireland after like-for-like sales rose 2.6% on the back of a stronger British economy and a more resilient housing market.
Screwfix was the star performer with like-for-like sales up 13.1% as it took advantage of a strong promotional programme, new ranges and stores and the roll-out of its click-and-collect service. Total sales at Screwfix jumped 25%.
Kingfisher is Europe's biggest home improvement retail group and runs 1,176 stores across 11 countries in Europe and Asia under brands such as Castorama and Brico Depot.
Sir Ian is to be replaced by the group's Castorama boss Veronique Laury, who will become one of the few women to lead a FTSE 100 firm.
Sir Ian said: "Trading conditions in our largest and most significant market, France, were particularly difficult and deteriorated across the quarter, impacted by the weak economic backdrop."
"In the UK however, where conditions have been more favourable, we have delivered like-for-like growth with Screwfix performing particularly well, delivering a 25% increase in sales on top of very strong growth last year."
B&Q like-for-like sales in the UK and Ireland edged up 0.5%, with the group adding that volume sales have been driven by price cuts and clearance activity.
Sales of outdoor seasonal and building products were up around 3%, while indoor products excluding kitchens, bathrooms and bedrooms lifted 1%.
Ms Laury said: "I am delighted to be succeeding Sir Ian. He leaves a strong, and more sustainable business with a clear sense of purpose."
"With more than 26 years in home improvement, and 11 years at Kingfisher, I know our employees and our businesses well and I understand the reality of our customers' lives."
She added that Marc Tenart would succeed her as chief executive of Castorama France. Mr Tenart joined the group 14 years ago, and has held senior roles at Castorama France and was previously chief executive of its Brico Depot business in Spain.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article