Home improvement retailer Kingfisher PLC (KGF.L) reported Thursday higher sales in its second quarter, with improved performance mainly in the UK, France, and Poland.
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CEO Véronique Laury admitted that there was uncertainty following the referendum, but added: “There has been no clear evidence of an impact on demand so far on our businesses”.
Industry data published last week showed British retail spending bounced back in July as sales promotions and good weather outweighed concerns that the Brexit vote would deal an immediate hit to the economy. But widespread industrial action and exceptionally wet weather led to a fall in sales for its French businesses.
Kingfisher, which operates the B&Q and Screwfix brands, announced in a statement this morning that its like-for-like sales had climbed three percent in the second quarter, driven by the company’s business in the United Kingdom and Poland, which helped offset a decline in France, where Kingfisher operates the Castorama and Brico Depot brands.
Total sales rose 8.4 percent to 3 billion pounds ($3.92 billion).
Kingfisher said sales growth was mostly attributable to the United Kingdom and Poland.
On a like-for-like basis, group sales increased by 3.0% on a constant currency basis, comprising 7.2% growth in the UK & Ireland and 7.0% growth in other global, partially offset by a 3.2% decline in France.
As part of her revival plans, the chief executive is aiming to boost profits by £500 million a year by 2021.
It also plans to return £600m to shareholders over the next three years through share buybacks. It has so far returned 150 million pounds.
For 2016-17, analysts are on average forecasting an underlying pretax profit of £692m, compared with £686m in 2015-16.
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In London, Kingfisher shares were trading at 363.50 pence, up 1.54 percent.
