Kingfisher improves total Q1 sales in 'solid start' to year

(ShareCast News) - Kingfisher has booked total first quarter sales of £2.7bn, up 5.1% in reported terms and ahead 3.6% in like-for-like constant-currency terms."We have made a solid start to the year, trading in line with expectations," said chief executive Véronique Laury."I am pleased with the early progress we are making on our operational milestones for this year, the first year of our ambitious five-year plan," she added.All three geographic segments of Kingfisher's operations -- UK & Ireland, France and Other International -- produced rises in total and like-for-like sales for quarter ended 30 April.Nevertheless, its shares were down about 1.5% as investors scrutinised the underlying detail.UK & Ireland total sales were up 1.3% to £1.25bn, including a 23.5% rise in Screwfix sales to £301m and a 4.2% slip in B&Q UK & Ireland sales to £951m. Total sales in Russia fell 17.5% to £63m.On a like-for-like basis, sales in Russia, Spain and France's Castorama were lower 4.5%, 3.2% and 0.9% respectively."We continue to feel confident in our ability to deliver our plan, based on putting customer needs first, supported by the expertise and enthusiasm of our colleagues," Laury said in a statement.