Kingfisher plc (KGF.L) reported that its sales were up 0.8% in constant currencies during the 10 weeks to 12 July 2014. Like-for-like sales were down 1.8%.
During the 23 weeks to 12 July 2014, sales were up 5.1% in contant currencies. LFL sales were up 2.3%.
Sir Ian Cheshire, Kingfisher's Chief Executive, said: "Trading in our Q2 was always expected to be more difficult, annualising a very strong Q2 performance last year and following this year's weather boosted Q1. However, our markets in Q2, notably in June, have been slower than anticipated particularly in France and Poland. It is unclear whether this recent weakness is short term phasing in nature, though we will know more by our interims in September having then traded through our key summer months."
Kingfisher said its acquisition of Mr Bricolage will now proceed subject to anti-trust clearances. Subsequently, a mandatory offer will be made to acquire the shares held by the minority shareholders at the agreed price per share of 15 euros. Kingfisher expects the remainder of the process to be completed around the end of 2014/15 financial year.
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