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B&Q owner Kingfisher reported that sales fell by 24% in the first quarter of the year as performance was impacted by the Covid-19 pandemic. But e-commerce proved a bright spot, with sales up fourfold since mid-March.
First-quarter sales fell 24% to £2.2bn on-year and 24.8% on a like-for-like basis.
Its UK & Ireland business saw sales drop 14.7% in the quarter, and its France and other international businesses saw sales fall by 41.5% and 4.8% respectively.
From 23 March, the company took the decision to close all its UK B&Q and Screwfix stores to customers for browsing and in-store purchasing.
But since mid-April, the company began reopening B&Q stores, with about 29%, or 288 stores, opened year to date. ?
'Our current cash balance provides us with sufficient financial headroom based on assumptions of a prolonged period of reduced sales,'the company said. 'Overall, the operational and financial actions we have taken give us a sound footing in the current crisis and beyond.'