Kingfisher remains on track despite drag from France

(ShareCast News) - Home improvement retailer Kingfisher sales kept improving in the third quarter, though like-for-like sales growth slowed due to further softness in France.Driven by strong sales in Poland, the restructuring of the B&A chain and continued rapid growth from Screwfix, group sales grew 11.5% to £2.96bn in the three months to 31 October, up 1.8% on a like-for-like, constant currency basis.LFL sales were down from the 3.3% at the half year, though currencies inflated the reported figure from the 6.8% first-half growth."Q3 trading conditions have followed a similar trend to the first half," said chief executive Véronique Laury."We have delivered another solid sales performance overall, trading in line with expectations."She said her team had continued to make good progress on the strategic milestones in the first year of her five-year ONE Kingfisher transformation."In addition, we are gearing up for next year when the level of transformation activity will significantly increase."UK and Ireland LFL sales were up 5.8%, with B&Q up into positive territory with a 3.5% gain that included a near-2% benefit from sales transference associated with store closures.Boosted by 11 store openings and various new and extended product ranges, Screwfix total sales surged 23.1%, with LFL sales up 12.7%, compared to 24% and 14.7% in the first half.Poland's 26.7% reported sales growth and 4.7% LFL growth.France, although total sales were up 16%, saw constant currency sales down 2.6% and LFL sales down 3.6%, with both Castorama and Brico Dépôt similarly negative.