Kingfisher Gains Following Solid Sales

The FTSE 100 got off to a weak start on Tuesday, however losses were mitigated as shares in Screwfix and B&Q parent Kingfisher increased, thanks to a strong earnings report.

UNDEFINED - Tuesday, May 24, 2016

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Kingfisher said that it had seen an increase in first-quarter sales up to £2.7 billion. It called its start to the year ‘solid’ and noted that it had enjoyed like for like sales up to 3.6%, with sales under the Screwfix brand being up by 16.2 percent. This news boosted the company’s shares by two percent.

Kingfisher noted that the strongest performances had been in the UK and Ireland, with sales up by 6.2 percent in those territories, but in France, where it had the Brico Depot and Castorama brands, like for like sales were up by just 0.2 percent.

The FTSE 100 as a whole saw a weak start to the day, shedding 23.11 points, down to 6,113.32. The FTSE 250 saw some weakness too. Entertainment One, the company which created the Peppa Pig TV series, lost more than four percent, in spite of reporting a rise in full year earnings of 9%.

In other news, the pound remains flat against the dollar, and has gained 0.1 percent against the Euro. Investors remain reluctant to commit to any significant moves in the run up to the Brexit vote. Recent polls show that Vote Remain is gaining support among the public, however FTSE bosses are divided on which decision would be best for their companies.


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