Kingfisher: shares fall after first-quarter trading update.
(CercleFinance.com) - Kingfisher shares are crumbling over 6% today, after the home improvement retailer posted a fall in first-quarter like-for-like sales on Wednesday.
The firm said sales at stores that had been open for at least a year dropped 0.6% to 2.9 billion pounds in the quarter to 30 April, reflecting continued weaker sales in France.
While performance at the Screwfix chain and Poland continues to be "strong," total sales fell 5% in France.
In detail, Castorama sales fell by 4%, while Brico Depot saw sales drop 6.2% over the past quarter.
Kingfisher shares - which have lost approximately 4 percent year-to-date - are currently down 6.5 percent at 336 pence.
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