15th Sep 2005 07:03
Kingfisher PLC15 September 2005 EMBARGOED UNTIL 0700 HOURS Thursday 15 September 2005 Kingfisher plc Interim results for the 26 weeks ended 30 July 2005 Group Financial Highlights 2005/06 2004/05 Change Constant CurrencyRetail sales £4,079.4m £3,947.9m +3.3% +1.8% LFL sales - 3.4% +6.1% Retail profit (1) £289.1m £367.3m -21.3% -22.8% Adjusted pre-tax profit (2) £254.3m £329.3m -22.8% Pre-tax profit £250.8m £287.6m -12.8% Post-tax profit (3) £165.5m £193.6m -14.5% Adjusted basic EPS (2) 7.2p 9.7p -25.8% Basic EPS 7.1p 8.4p -15.5% Interim dividend 3.85p 3.85p - Net debt £1,048.3m (£841.1m as at 29 January 2005) (1) Retail profit is stated before central costs, exceptional items and share ofjoint venture and associate interest and tax (2) Before exceptionals (see note 3 of interim financial report) and gains &losses on retranslation of intercompany loan balances included within financing(see note 4) (3) Profit for the period attributable to equity shareholders First Half Highlights • Difficult trading conditions in the UK and France impact sales and profits;• Maintained share in a declining UK RMI market;• Continuing overall growth in challenging French market;• Expansion in Rest of Europe and Asia proceeding well;• Purchase of OBI stores in China completed;• Increased debt reflects the acquisition of OBI and weaker trading;• Interim dividend maintained at 3.85p. Update • UK market conditions have continued to deteriorate into the second half;• New B&Q management acts to cut costs, stimulate sales and re-position the business;• One-off charge of around £200 million for B&Q head office and store rationalisation in the second half;• UK Trade project underway through Screwfix Trade Counters and new Trade Depot format. Gerry Murphy, Chief Executive, said: "Whilst these are the toughest markets Kingfisher has faced in many years,particularly in the UK, B&Q UK and Castorama France are acting to drive salesand improve cost productivity. At the same time, we are continuing to invest innew growth areas, such as the expanding home improvement markets in the rest ofEurope and Asia, and the trade market in the UK. We remain convinced that ourhome improvement markets are fundamentally attractive and that the actions weare taking will position Kingfisher well for the future." FIRST HALF TRADING (all figures are in constant currency unless otherwisestated) It has been a challenging period for Kingfisher. Difficult trading conditionsin the UK and France had a clear impact on the first half trading performancewith retail sales up 1.8% (down 3.4% like-for-like (LFL)) and retail profit down22.8%. In the UK in particular, B&Q has faced some of the toughest trading conditionsin many years as escalating energy costs, higher taxes and pensioncontributions, rising debt burdens and a weak housing market impact consumerconfidence and spending power. Continuing space expansion by UK retailers andprice deflation have also impacted LFL sales. 'Higher ticket' projects, such askitchens, bathrooms and bedrooms have been particularly affected, reflectingboth weaker spending and the significant downturn in housing transactions. As a result, the UK Repair, Maintenance and Improvement market declined by 2% inthe first half. B&Q's sales were similarly affected with customer footfall downyear on year. In June, Ian Cheshire was appointed Chief Executive of B&Q UK.He and his new management team have launched a comprehensive programme ofactions to improve trading performance and reposition the business for thefuture. In France, the DIY market grew at its slowest rate for eight years. Risingunemployment caused demand to soften, whilst price deflation and increasedcompetition had a further impact on DIY like-for-like sales. Total Kingfishersales in France grew 4.7% (up 1.0% LFL) with retail profit down 2.2%, afterhigher revitalisation costs and the roll out of improved Showroom and Decorativeranges at Castorama. The Brico Depot discount format continued to expand andtraded well against strong comparisons. In the Rest of Europe and Asia, Kingfisher's sales grew by 15.2% (down 5.2% LFL)with retail profit down 16.0%. A strong performance from Castorama Italy wasoffset by Castorama Poland, which faced tough comparatives in a marketcontinuing to be affected by the introduction of higher VAT rates in 2004. B&QChina consolidated its position as market leader, completing the purchase of OBIChina which will result in B&Q China operating around 50 stores by the end ofthe year. The first B&Q store in South Korea opened in June, taking the numberof countries in which Kingfisher operates to 10. Development costs in the newmarkets of Spain, South Korea and Russia increased by £3 million. For the fullyear this investment is expected to increase by £7 million. FUTURE DIRECTION Kingfisher aims to provide attractive returns for shareholders, whilst at thesame time investing new capital in developing longer term growth opportunities.This will be delivered by: • building on strong leadership positions in the UK and France, and driving new growth opportunities in these markets; • expanding established businesses like Poland, Italy and China; • investing in development opportunities in new markets, currently Spain, Turkey, South Korea and Russia; • using Kingfisher's buying scale and international diversity to offer customers better value and innovation. In support of the overall Group objectives, priorities have been set by regionas follows: UK Against the background of a UK market which has continued to deteriorate intothe second half, the new management team at B&Q has launched an action programmeto address B&Q's trading and longer-term positioning: • Firstly, driving higher sales per square metre from existing stores.This means updating key ranges, emphasising its leading value credentials, andimproving product availability and customer service. In the longer-term, thelarger B&Q Warehouse stores will be adapted to offer a broader range of productsneeded for complete home improvement projects and the associated finishingtouches, alongside existing core DIY products. This initiative is well advancedand two further trial stores will open in the second half in Gloucester andMilton Keynes. • Secondly, reducing its operating cost base. The recently announcedstreamlining of B&Q's Store Support Office in Southampton was a first step. • Thirdly, B&Q will close 22 stores in markets already well served byother B&Q stores. Around 16 of B&Q's larger Warehouse stores will be convertedto the new mini-Warehouse format, releasing space which will be marketed toother retailers. This will represent a reduction of around 7% of total sellingspace. With B&Q stores already accessible to most of the UK population andproperty costs inflating significantly, future store development will focusprincipally on revamping existing stores and opening new lower cost, higherreturn mini-Warehouses. The new management expects to be able to transfer mostof the staff affected to other stores. The pre-tax exceptional costs of rationalising the store portfolio and reducingthe cost base are expected to be around £200 million, of which around £50million is non-cash. In aggregate the programme is expected to pay back withinfive years. To complement B&Q's largely retail consumer business, Kingfisher has establisheda UK Trade division to target the £50 billion UK market for trade and buildingmaterials. In addition to its established on-line and catalogue-based offer,Screwfix Direct opened six Trade Counter branches which are performing well.Two 'Trade Depot' branches, based on the highly successful Brico Depot discountformat in France, will be trialled later in the year, principally targetinggeneral builders and specialist trade customers. FRANCE Kingfisher will continue to target market share growth through a twin-trackdevelopment of its full range Castorama home improvement format and the discountBrico Depot format. Revitalisation of the Castorama business is on track withimprovements delivered in product ranges, pricing and cost productivity. Aquarter of the store network is now in the new format and these stores areshowing good economic returns. Revamps of existing stores will continuealongside new openings. The Brico Depot discount format has proved popular withconsumer and trade customers and now operates 67 stores, including 26transferred from Castorama. The roll-out of new stores will continue towards anobjective of 100 stores in France. REST OF EUROPE AND ASIA Expansion across the rest of Europe and Asia provides Kingfisher withopportunities to grow and improve economic returns over the medium-term. Thosebusinesses that have already achieved critical mass and market leadership arecontributing strongly to overall growth and are delivering above averageeconomic returns. New stores will continue to be added in these markets asquickly as possible. In China, for example, B&Q recently acquired the stores ofOBI, one of its main competitors, and by the year end will have doubled in sizeto around 50 stores. Kingfisher will also enter new markets where the future growth and economicreturns potential look attractive. In the first half B&Q opened its first storein South Korea and work continues on the opening of the first Castorama store inRussia in early 2006. BUYING SCALE AND INTERNATIONAL DIVERSITY Kingfisher will continue to build on its Strategic Supplier Management (SSM)programme which, over the last three years, has enabled the Group to combine thebuying power of all its businesses, source more product direct from suppliers inAsia and elsewhere, and to develop private label products exclusive toKingfisher companies. Kingfisher businesses will also continue to shareexperiences and capabilities from operating in 10 different countries. UK For the 26 weeks ended 30 July 2005 Retail Sales £m % Total % LFL Retail Profit £m % Total Change Change Change 2005/6 2004/5 2005/6 2004/5UK(1) 2,224.9 2,275.4 (2.2)% (6.4)% 149.2 225.1 (33.7)% (1) UK includes B&Q in the UK, Screwfix Direct and Trade Depot developmentcosts. It excludes B&Q in Ireland, which is now reported within 'Rest ofEurope'. UK Market. British Retail Consortium data for the six months to July showed adecline in 'other non-food' LFL sales of 3.8%, with the three months to Julybeing the third consecutive quarter of declining LFL sales. Home improvementrelated categories such as furniture, flooring and household textiles showed asteeper decline, driven by falling sales of big ticket items, impacted byreduced consumer demand, a significant downturn in housing transactions, morecompetition and widespread, deep price promotion. B&Q estimates that theoverall UK Repair, Maintenance and Improvement market declined by 2% in thefirst half and Kingfisher broadly maintained its market share at 14.7%. B&Q's total sales fell 2.6% to £2,096.7 million (down 7.0% LFL) reflectingreduced footfall, although average transaction values remained steady. Tradecategories performed relatively better, being less impacted by weather andretail consumption trends. Sales of seasonal products improved in the secondquarter, boosted by good weather in June, resulting in stock levels at the endof the first half being in line with plans. New product ranges including thenew 'Airforce' DIY fixed air conditioning unit, new 'Fun' garden leisureproducts, and new outdoor paint ranges sold well. Sales of kitchens, bathrooms,ceramic tiling and flooring were weak, compared with a strong market last year. Store development - B&Q opened three new Warehouse stores, closed one andextended one during the first six months. B&Q also opened four newmini-Warehouses and extended one. Five Supercentres were converted to themini-Warehouse format. B&Q now has 113 Warehouse stores, 70 mini-Warehouses and152 of the original Supercentres. The mini-Warehouse format continues to outperform the rest of the store estate.B&Q will create a further 14 mini-Warehouses in the second half including onenew location, two relocations and 11 revamps of existing Supercentres. Theprogramme of store space rationalisation announced today will also commence inthe second half. Retail profit declined 34.2% to £144.1 million and retail profit margin declinedfrom 10.2% to 6.9%. Gross margins fell due to higher shrinkage and lowerrebates, mainly as a result of lower than expected sales. A 7% increase inexisting store rents and a 14% increase in business rates, together with higherdistribution costs for home fulfilment, and higher utility and fuel bills, wereonly partly offset by some overhead savings, £6 million lower pre-opening costsand one-off £4 million rate refunds. LFL cost inflation, before adding 5% newselling space, is estimated to be around 4% for the full year before theexceptional action. In the second half, B&Q will continue to update its product ranges with new,more contemporary ceramics and wall decor ranges being rolled-out across allstores by the end of the year. Stronger marketing and price activity willcontinue, including more events to drive footfall. B&Q expects to invest morein lowering prices for customers in addition to extending its over 60s discountcard. UK TRADE Screwfix Direct started to rebuild customer demand following the completereconfiguration of its fulfilment operations last year. The six trial 'TradeCounters' opened in the first six months of this year are proving very popularwith customers. Sales increased 4.1% to £128.2 million, with growth of 7.6% in the three monthsto July. Range development and improvements to the catalogue drove stronggrowth in plumbing, hand tools and bathrooms. Retail profit of £6.2 million isin line with last year and includes £1 million of costs related to the set-up ofTrade Counters. Trade Depot - Two new 'Trade Depot' branches will open later in the year with asimilar product offering to Brico Depot in France, including a focused range ofdoors and windows, heating and plumbing equipment, and kitchens and bathrooms.Development costs are expected to reach £4 million in 2005/06. FRANCE For the 26 weeks ended 30 July 2005 Retail sales £m 2005/6 2004/5 % Change % Change % LFL (Reported) (Constant) ChangeFrance 1,381.7 1,290.6 7.1% 4.7% 1.0% Retail profit £m 2005/6 2004/5 % Change % Change (Reported) (Constant)France 102.0 102.0 (0.0)% (2.2)% 2005/06 £1 =1.4622 euro 2004/05 £1 = 1.4952 euro In France, total sales grew 7.1% (+4.7% constant currency) to £1,381.7 million(up 1.0% LFL) with retail profit of £102.0 million (-2.2% constant currency).The continued growth of the Brico Depot discount format was offset by increasedinvestment in store modernisation and new range implementation by Castorama. French Market - According to Banque de France, DIY comparable store sales growthin France declined 0.3% in the six months to July. The market was impacted bystrong price-competition, adverse weather and general uncertainty, particularlyevident during the European Constitution referendum campaign. Kingfisher'smarket share continued to grow with LFL sales up 1.0%. CASTORAMA's revitalisation also continued with the full roll-out of new, morecontemporary decorative, shower and kitchen ranges. In total, over 6,000 newproducts were introduced. Six store revamps were completed. This activitycaused some disruption, reducing LFL sales growth by around 2 percentage points. Sales declined by 1.1% (-3.3% constant currency) to £818.0 million (down 3.2%LFL), reflecting the above disruption and a higher participation of cheaperown-brand and direct-sourced product. Sales were strongest in those productcategories least affected by significant range change during the period.Seasonal products did well, boosted by the launch of a new 200 page catalogue inMarch and strong sales of new ranges of outdoor pools and garden furniture. Airconditioning units sold well during warm weather in June and July. Pricing and marketing - Following the introduction of new ranges, a Showroomcatalogue was launched in June, and a Decorative catalogue will be launched inthe second half, with an associated billboard campaign. The initial responsefrom customers has been encouraging. In an increasingly price-conscious market,Castorama further improved its price perception ranking from fifth to third. Store development - Six stores were revamped in the first six months, one storewas relocated and two new stores were opened, taking the number of new formatCastorama stores to 22, with results continuing to improve. During the sixmonths, three stores were closed, one due to relocation, whilst another wasconverted to the Brico Depot format, continuing the transfer of stores notsuitable for revitalisation to its new format. In the second half, Castoramawill open two more relocations. Cost productivity - Castorama continued to develop its integrated logisticsnetwork to improve the efficiency of the business. The proportion of deliveriesmade through the centralised distribution network increased and this, togetherwith improved in-store delivery processes, is enabling cost savings withinstores and better availability for customers. Retail profit of £56.0 million declined 16.2% (-18.0% constant currency).Retail profit margin declined from 8.1% to 6.8%. The benefits of StrategicSupplier Management (SSM) and other cost-productivity savings were more thanoffset by lower sales, the cost of lowering selling prices for customers, over£3 million additional investment in marketing towards the end of the secondquarter, and investment in store refurbishment and new ranges. Castorama Franceincreased its participation in Kingfisher's SSM sourcing programmes; own brandproduct sales grew to over 15% and direct imports to 9%. BRICO DEPOT continued to deliver growth against strong comparatives, driven bythe introduction of new products into existing ranges, and the distribution ofits second annual catalogue. Sales increased by 21.6% (+18.9% constant currency) to £563.7 million (up 8.3%LFL). Sales were strong in all categories, boosted in July with the launch of a120-page summer catalogue. Retail profit increased 30.7% (+27.8% constantcurrency) to £46.0 million, with retail profit margins increasing from 7.6% to8.2%. Margins benefited from improving scale efficiencies and SSM buyingsynergies. These gains were partially offset by £1 million higher pre-openingcosts and £2.5 million investment in new distribution and IT systems. Store development - Brico Depot opened three new stores, including one transferfrom Castorama. Four new stores are planned for the remainder of the year. REST OF EUROPE For the 26 weeks ended 30 July 2005 Retail sales £m 2005/6 2004/5 % Change % Change % LFL (Reported) (Constant) ChangeRest of Europe(1) (2) 361.5 297.4 21.6 10.1% (8.7)% Retail profit £m 2005/6 2004/5 % Change % Change (Reported) (Constant)Rest of Europe(1) 38.3 41.4 (7.5)% (17.3)% (1) Rest of Europe includes Castorama Poland, Castorama Italy, Brico Depotin Spain, Koctas in Turkey, B&Q in Ireland, Castorama in Russia and Hornbach inGermany (2) Joint Venture sales are not consolidated. Rest of Europe sales increased 21.6% (+10.1% constant currency) to £361.5million (down 8.7% LFL), and profits fell 7.5% (-17.3% constant currency) to£38.3 million. Another strong performance from Castorama Italy was offset byCastorama Poland, which faced tough comparatives, and a lower contribution fromHornbach. Castorama Poland - In the first six months of the year, trading conditions inPoland were difficult, with weak consumer spending, an increasingly pricecompetitive market and adverse weather conditions. Castorama Poland returned togrowth in the second quarter with a LFL sales increase of 4.9%, with flat retailprofit (in constant currency). This followed a decline in LFL sales of 36.1% inthe first quarter against a very strong comparative last year (up 52.7% LFL) ascustomers purchased ahead of higher VAT rates. Total sales increased 14.2% (-2.8% constant currency) to £180.6 million (down17.3% LFL). Retail profit fell 21.2% (-33.0% constant currency) to £20.1million, reflecting lower sales and falling gross margins due to strongcompetition on prices and consumers trading down to lower margin products. Thiswas partially offset by good cost control and SSM benefits. Castorama continued to consolidate its position as market leader, opening threenew stores. One further store is expected to open in the remainder of the year. Castorama Italy - In a generally challenging market, Castorama Italy grewstrongly, boosted by the continued success of new price-focused marketing andmerchandising initiatives. Total sales increased 17.9% (+15.3% constant currency) to £129.9 million (up5.6% LFL). All categories improved on last year. Retail profit increased 70.4%(+66.3% constant currency) to £13.8 million, benefiting from the SSM programme,volume-related cost efficiencies and £1.5 million lower pre-opening costs, whichmore than offset investment in promotional activity. Castorama Italy opened one new store. It will open two Warehouse stores and one'medium box' Castorama Market store in the remainder of the year. B&Q Ireland will open three mini-Warehouse stores by the end of the year, takingtotal stores to seven. Brico Depot in Spain opened two further stores and is ontrack to have eight stores by the end of the year. Development continued atCastorama in Russia, with the first store expected to open in early 2006.Koctas in Turkey, a 50% joint venture, almost doubled profits in the first sixmonths of the year, benefiting from SSM and a significant increase in own-brandpenetration. A new Warehouse store will open in Istanbul in the second half.Hornbach, the leading German DIY Warehouse retailer in which Kingfisher has a21% economic interest, contributed £4.8 million to profit, £3.5 million lowerthan last year due to adverse weather and a difficult retail market in Germany. ASIA For the 26 weeks ended 30 July 2005 Retail sales £m 2005/6 2004/5 % Change % Change % LFL (Reported) (Constant) ChangeAsia(1) (2) 111.3 84.5 31.7% 35.6% 8.5% Retail profit £m 2005/6 2004/5 % Change % Change (Reported) (Constant)Asia(1) (0.4) (1.2) 66.7% 66.7% (1) Asia includes B&Q China, B&Q Taiwan, and B&Q Home in South Korea. (2) Joint Venture sales are not consolidated. Asia sales increased 31.7% (+35.6% constant currency) to £111.3 million (up 8.5%LFL). Retail losses of £0.4 million are £0.8 million lower than last year asprogress in China and Taiwan more than covered higher start-up costs in SouthKorea. B&Q China B&Q China consolidated its position as market leader, completing the purchase ofOBI's majority equity interest in its Chinese operations on 30 June. Thisacquisition will accelerate B&Q China's growth, with around 50 stores trading bythe year end. B&Q China sales were £110.7 million, up 31.0% (+34.8% in constant currency).LFL growth of 8.5% reflects successful promotional activity in a pricecompetitive market. Retail profit of £0.8 million was £1.4 million higher thanlast year, benefiting from volume scale efficiencies and lower pre-openingcosts. Costs of integrating OBI's systems and infrastructure and transitioning to B&Q'sidentity and customer offer are expected to be around £10 million in the secondhalf. B&Q in South Korea opened its first store in June 2005. The 7,200 square metrestore offers 35,000 products and a full 'Home Project Service', building on theexperience of B&Q China, whose home decoration service designed and fitted-out10,000 apartments in China last year. B&Q Taiwan, a 50% joint venture, delivered 30.0% profit growth (+25.8% constantcurrency), driven by good sales growth, benefits of the SSM programme and strongcost control. LFL sales growth was supported by nearly 10% growth in theHardware category driven by the launch of a range of Performance Power own-brandpower tools and by strong growth in the 'Total Solutions' installation service.One new store opened during the period and another opening is planned in theremainder of the year. GROUP FINANCIAL REVIEW Total reported sales grew 3.3% to £4.1 billion (2004/05: £3.9 billion), up 1.8%on a constant currency basis. During the first half an additional 29 net newstores were added, taking the store network to 628. On an LFL basis, Group saleswere down by 3.4% (2004/05: 6.1% increase). Retail profit fell 21.3% to £289.1 million (2004/05: £367.3 million), down by22.8% on a constant currency basis. The profit decline was driven by lowerLFL's, operating cost inflation and investment in developing businesses. Central costs fell 14.0% to £16.0 million (2004/05: £18.6 million) due tophasing. For the full year central costs are expected to be broadly in linewith last year (2004/05: £37.3 million). Net interest costs excluding the loss on the retranslation of intercompany loanbalances, increased to £13.8 million (2004/05: £13.1 million). The increasedinterest costs incurred from the higher average net debt was mostly offset bynon-recurring interest receipts of £5.5 million relating to refunds on proposedproperty acquisitions and tax refunds. The effective tax rate on profit before exceptional items and prior year taxadjustments is 34.2% (2004/05: 32.7%) based on current expectations for the 2005/06 full year. This increase is primarily driven by the lower proportion of UKgenerated profits compared to the prior year and an increase in developmentlosses in South Korea and Russia for which no tax relief is currently available. Profit after tax (attributable to equity shareholders) decreased 14.4% to £165.7million (2004/05: £193.5 million). Exceptional items during the period related to £1.9 million of property disposalprofits. Kingfisher expects to take a pre-tax exceptional charge of around £200million in the second half from rationalising B&Q UK's store portfolio andreducing its cost base, of which around £50 million is non-cash. Adjusted basic earnings per share were down 25.8% to 7.2p (2004/05: 9.7p)reflecting the decline in retail profit and increased interest costs, offset inpart by lower central costs. The interim dividend is proposed at 3.85p per share (2004/05: 3.85p) and will bepaid on 11 November 2005 to those shareholders on the register on 23 September2005. Cash generated by operations were £103.9 million lower compared to the priorperiod driven by reduced operating profits and a lower inflow from workingcapital. Tax paid during the period was £32.3 million higher this period due topayments in the prior period being impacted by one-off timing benefits. Net debt increased 24.6% to £1,048.3 million (£841.1 million at 29 January2005), reflecting lower operating cashflow, higher capital expenditure andbusiness acquisitions during the period. Net capital expenditure on new andbetter stores and supporting infrastructure was £256.5 million (2004/05: £207.7million). Payments to acquire businesses in the period amounted to £152.1million (2004/05: £nil) which principally related to the acquisition of the OBIChina business at the end of the period. Following the acquisition of the OBI China business and in anticipation of theadditional contribution to the UK pension fund in the second half, Kingfisherentered into a new committed bank revolving credit facility totalling £300million in July 2005. This facility matures in July 2006, but Kingfisher has anoption to extend it for a further 12 months. Enquiries: Ian Harding, Group Communications Director 020 7644 1029Nigel Cope, Head of Communications 020 7644 1030 Heather Ward, Head of Investor Relations 020 7644 1032 Further copies of this announcement can be downloaded from www.kingfisher.comor by application to: The Company Secretary, Kingfisher plc, 3 Sheldon Square,London, W2 6PX. Company Profile Kingfisher plc is Europe's leading home improvement retail group and the thirdlargest in the world, with nearly 630 stores in 10 countries in Europe and Asia.Its main retail brands are B&Q, Castorama, Brico Depot and Screwfix Direct.Kingfisher also has a 21% interest in, and strategic alliance with, Hornbach,Germany's leading DIY Warehouse retailer, with 119 stores across Europe DATA BY COUNTRY as at 30 July 2005 Store numbers Selling space Employees (000s sq.m.) (FTE)B&Q 335 2,305 27,207Other - - 1,387Total UK 335 2,305 28,594Castorama 102 1,056 13,808Brico Depot 67 346 4,802Total France 169 1,402 18,610Castorama Poland 28 247 5,056Castorama Italy 23 144 1,835Other 15 79 1,373Total Rest of Europe 66 470 8,264B&Q China (including OBI) 38 415 7,617B&Q Taiwan 19 95 1,824Other 1 7 255Total Asia 58 517 9,696Total 628 4,694 65,164 SECOND QUARTER -13 weeks to 30 July 2005 Retail Sales £m % Total % LFL Retail Profit £m % Total 2005/06 2004/05 Change Change 2005/06 2004/05 Change (Reported) (Reported)B&Q 1,072.1 1,093.4 (1.9)% (6.4)%Screwfix Direct 63.5 59.0 7.6% 7.6%Trade Depot - - - -Total UK 1,135.6 1,152.4 (1.5)% (5.6)% 75.5 134.0 (43.7)% Castorama 435.7 437.2 (0.3)% (2.1)%Brico Depot 294.4 250.1 17.7% 6.1%Total France 730.1 687.3 6.2% 0.9% 61.8 58.6 5.5% Castorama Poland 105.1 77.4 35.8% 4.9%Castorama Italy 73.3 64.4 13.8% 4.2%Other Europe(1) 27.6 16.8 64.3%Rest of Europe (1)(3) 206.0 158.6 29.9% 3.8% 25.8 25.0 3.2% B&Q China 66.6 51.8 28.6% 11.5%Other Asia(2) (3) 0.6 - - -Asia 67.2 51.8 29.7% 11.5% 0.1 0.5 (80.0)%Total 2,138.9 2,050.1 4.3% (2.7)% 163.2 218.1 (25.2)% (1) Other Europe includes Brico Depot in Spain, Koctas in Turkey, B&Q inIreland, Castorama in Russia and Hornbach in Germany (2) Other Asia includes B&Q Home in South Korea. (3) Joint venture sales are not consolidated This information is provided by RNS The company news service from the London Stock ExchangeMORE TO FOLLOWRelated Shares:
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