European home improvement retailer Kingfisher Plc (KGF.L) announced total Group sales of 2.82 billion pounds for the third quarter ended November 1, 2014, down by 0.9% on a like-for-like or LFL basis.
On a reported basis, Group retail profit amounted to 225 million pounds, impacted by 13 million pounds adverse foreign exchange movements when translating overseas profits into sterling. On a constant currency basis, Group retail profit was down 6.9% after development costs of 6 million pounds in its new markets such as Germany, Portugal & Romania. Underlying retail profit, excluding these development costs, fell by 3.6%.
Kingfisher France total sales slid by 2.7% and down by 4.0% on a like-for-like basis to 1.06 billion pounds in an on-going soft market impacted by weak consumer confidence, higher taxes and a declining housing and construction market, according to the company.
The firm added that its trading conditions in France were particularly difficult and deteriorated across the quarter, hurt by the weak economic backdrop.
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