Updates from Halfords, Kingfisher and Mitchells & Butlers
Filed under: Investing
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Let's start with B&Q owner Kingfisher - and rain. Bad UK summer weather cast a pall over trading in the 10 weeks to 7 July; Group like-for-like (LFL) sales slipped -0.4% but total UK & Ireland-only sales for the second quarter increased +5%.
"Additional marketing and promotional activity helped encourage customers to switch some of their activity to internal repairs and projects, partially offsetting the weather related weakness, particularly in the UK," said Kingfisher boss Ian Cheshire.
Total sales in France were down 0.6% (-2.3% LFL). But total sales in Other International markets grew 9.3% (+0.2% LFL) with sales in Poland up 1.5% (-4.4% LFL), sales in Russia up 48.5% (+19.0% LFL) and sales in Spain up 5.6% (-3.8% LFL).
Next, interim numbers from pub group Mitchells and Butlers. Like-for-like sales growth was +0.4% in the 14 weeks to 14 July and +1.9% for the 42 weeks year to date.
Despite grim summer rain, trading on key days and special occasions remained strong with +4% like-for-like sales growth over the five days of the Diamond Jubilee weekend. Like-for-like growth in the most recent nine weeks since the date of the Interim Results announcement has been +1.6% claims the company.
The roll-out of free wi-fi is now more than 50% complete. "Overall, the business transformation programme remains on track."
Finally Halfords has announced that David Wild, Chief Executive Officer, has quit and will cease to be employed as Chief Exec with immediate effect. Halfords has reported slipping sales following the wet UK summer; like-for-like revenues slid -5.6% in the last quarter.
The Board has commenced a search for his successor. In the intervening period Halfords has asked Dennis Millard, non-executive Chairman, to be interim Executive Chairman.
"After careful deliberation," says Millard, "it is felt that now is the right time for a change of leadership in the Group to enable it to implement that strategy and maximise the opportunities that lie ahead."