B&Q owner Kingfisher sees sales fall
B&Q owner Kingfisher has reported a drop in sales and given a cautious outlook for consumer spending.
Like-for-like sales, which do not take into account sales from new stores, fell by 4.4% in the 10 weeks to 10 July in the UK and Ireland.
The drop reflected fewer promotions and weak demand for "big ticket" items, the company said.
Total group sales fell by 0.8% due to increased revenues from international stores, particularly in France.
"This is a solid performance in an uncertain environment for our customers right across Europe. Consumer spending remains under pressure, particularly in the UK," said Ian Cheshire, Kingfisher's chief executive.
"While we remain cautious about the outlook for consumer spending, we are confident that the strengths of the group leave us well placed to continue our good progress over the balance of the year."