B&Q closure scheme gathers pace
B&Q’s plan to close 60 of its stores is gathering momentum having agreed to sell almost a quarter of the earmarked branches.
Announcing parent Kingfisher’s first quarterly results since she became ceo, Véronique Laury revealed that contracts have been exchanged on 14 stores that will be sold over the next two years, with three subject to planning permission.
B&Q saw like for like sales drop by 1.1% in the quarter to 2 May, thanks to lower outdoor product and building product sales.
Total sales were 1.7% lower at £991m.
Margins improved by 0.9% thanks to less promotional offers.