DIY retailer Kingfisher (KGF) shares are continuing to slide after disappointing second quarter results this morning.
Shares in the business, which owns B&Q and Screwfix, are down 5.5% to 292p in early trading.
Kingfisher says like-for-like sales in the three months to June were 1.9% lower than the same period a year ago, with revenues of £3.1bn over the period.
Wetter weather dragged on performance in the UK in Ireland with sales in the region some 7.8% weaker, and performance in France is 3.3% down from a year ago too.
The silver lining in the results is that sales at Screwfix are up 17.2%, and 10.8% on a like-for-like basis. Kingfisher says the division's leading digital capability, new outlets and extended specialist ranges have boosted performance in the business.
MORE OF THE SAME
Neil Wilson, senior market analyst at ETX Capital, says: 'It's more of the same from Kingfisher with a massive outperformance by Screwfix trying gamely to mask an otherwise pretty ropey set of numbers from the rest of the group.'
Wilson points out that Screwfix's growth, while strong, has slowed since last year and that a slowdown in consumer spending in the second half of 2017 could be a concern for the rest of the business.
Veronique Laury, chief executive officer at Kingfisher, says the business remains on track to deliver its strategic milestones for the year and self-help plans are in place to support the firm during what was expected to be a challenging year.
