LONDON (ShareCast) - (Sharecast News) - B&Q and Screwfix owner Kingfisher posted a decline in first-quarter sales on Tuesday as it took a hit from the coronavirus lockdown but said sales improved at the start of May as stores reopened.
Group sales fell 24% at constant currency to ?2.2bn, with like-for-like sales down 24.8%.

In the UK and Ireland, sales were down 14.7% to ?1.095bn, while sales in France - where it owns Castorama and Brico Depot - were 41.5% lower at ?596m. Other international sales fell 12.8% to ?464m.

Still, in the first week of May, sales were up 2.7% compared to a 74% slump in the first week of April, helped by store reopenings. The company said 95% of its stores are currently either open and/or offering a contactless click & collect service.

Chief executive officer Thierry Garnier said: "Having initially closed our stores in France and the UK, we have rapidly adapted how we operate to meet the essential needs of our customers safely during lockdown.

"We have also taken significant actions throughout the business to reduce costs and protect cash, in part supported by governments. Our current cash balance provides us with sufficient financial headroom based on assumptions of a prolonged period of reduced sales. Over and above this we have put in place some further liquidity arrangements, including support from the UK and French governments, which give us additional security in case of even more severe scenarios. Overall, the operational and financial actions we have taken give us a sound footing in the current crisis and beyond."

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