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LONDON, May 24 (Reuters) - Kingfisher, Europe'slargest home improvement retailer, said on Tuesday it had made asolid start to its new financial year, with sales growth drivenby its markets in Britain and Poland.
The firm, which trades as Castorama and Brico Depot inFrance and B&Q and Screwfix in Britain and Ireland, alsohighlighted early progress in the five year strategic planoutlined by Chief Executive Veronique Laury in January.
Kingfisher said group sales at stores open over a year rose3.6 percent in the three months to April 30, its fiscal firstquarter.
Total sales rose 5.1 percent to 2.72 billion pounds ($3.94billion).
"We have made a solid start to the year, trading in linewith expectations," said Laury.
Kingfisher said a supportive economic backdrop and continuedstrong Screwfix performance drove a 6.2 percent increase in UKand Ireland like-for-like sales.
In France, the group's most profitable market, like-for-likesales rose by a more subdued 0.2 percent, but they were up 10.8percent in Poland, benefiting from supportive market conditionsand well-received new ranges.
In January, Laury announced a strategy to boost Kingfisher'sannual profit by 500 million pounds from 2021 that will cost 800million pounds over five years to deliver. The plan involvesunifying the product offer across the business, improving itsecommerce capabilities and driving efficiencies.
She also said the firm would return 600 million pounds toshareholders over the next three years through share buybacks.
Shares in Kingfisher, up 9.4 percent so far this year,closed on Monday at 360.5 pence, valuing the business at 8.21billion pounds.
($1 = 0.6898 pounds) (Reporting by James Davey; Editing by Mark Potter)
