Kingfisher, owner of B&Q, reported a strong recovery in sales attributed to warmer weather, with a 5.9% increase in like-for-like sales in the UK and Ireland for the three months leading to April 30. Seasonal product sales surged by 29.8%, alongside a 21.2% growth in Screwfix sales. CEO Thierry Garnier exercised caution regarding future sales, acknowledging mixed consumer sentiment and potential inflationary pressures, while Chris Beauchamp highlighted the correlation between sunny weather and increased DIY activity among British consumers.
Kingfisher's sales increased significantly in Q1, boosted by warm weather and strong demand for seasonal products and online sales, although caution remains for the future.
The company reported a 5.9% rise in like-for-like sales, with seasonal products up 29.8% and Screwfix sales up 21.2%, showcasing robust performance in the DIY sector.
Kingfisher's CEO cautioned that consumer sentiment is mixed across markets, indicating that while Q1 sales were strong, uncertainty could impact future performance.
Market analyst Chris Beauchamp noted that the surge in DIY activity among Britons during sunny weather is reflected in Kingfisher's impressive sales figures, driving share price resilience.
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