Kingfisher shares fall despite Q3 sales growth

Kingfisher shares (LON: KGF) fell on Thursday, despite the group posting a 17.6% rise in third-quarter sales.

The retailer revealed total sales of £3.5bn thanks to a “strong performance across all retail banners and categories, with growth in overall footfall and average transaction value.”

The B&Q owner warned that it expects challenges over the next six months as the pandemic affects supply chains.

Kingfisher chief executive Thierry Garnier said: “We achieved strong sales growth in Q3 across all retail banners and categories, with higher footfall and average transaction value. Our growth was supported by strong market demand, as consumers spent more time in their homes and focused on improving them.”

“While there remains considerable uncertainty around COVID-19, we are confident in our ability to operate safely, to serve our customers, to look after our colleagues, and to protect our business.

“Overall, we believe that the renewed focus on homes is supportive for our markets. Furthermore, we are confident that the strategic and operational actions we have taken so far are helping us to build a strong foundation for long-term growth.”

Following the group’s update, Kingfisher shares (LON: KGF) dropped by 5.58%, down to 282.60p a share.