1st Quarter Results

Kingfisher PLC
03 June 2004


EMBARGOED UNTIL 0700 HOURS
Thursday 3 June 2004


                  Kingfisher plc First Quarter ending 1st May 2004

                    Total sales grew 10%, retail profit ahead 18%

Group Financial Highlights


•         Sales up 10.1% to £1.9 billion (2003 (1) : £1.7 billion)


•         Like-for-Like (LFL) sales up 5.8%


•         Retail profit (2) up 18.0% to £145 million (2003: £123 million)


•         Net debt down to £463 million (£844 million as at 31 January 2004)


Operating Highlights (all figures in constant currencies)

UK and Ireland (60% of Group Sales)

•     Total sales up 6.5% (2.5% LFL), retail profit ahead 14.4%.

          -   Nine B&Q mini-Warehouse conversions completed in the quarter, taking the total now trading to 37.
          -   B&Q delivered 5.9% sales growth (1.7% LFL) against tough comparatives last year.
          -   Major new Screwfix Direct fulfilment centre on track to open in June.

Non-UK and Ireland (40% of Group Sales)

•     Total Sales up 19.3% (11.4% LFL), retail profit ahead 26.6%.

          -   In France, total sales grew by 11.9% (8.0% LFL), retail profit ahead 8.0%.
          -   Castorama's revitalisation programme continued with new ranges, lower prices and store revamps
              driving sales.
          -   Strong growth continued at Brico Depot, boosted by the launch of its first national catalogue in
              April.
          -   Elsewhere, International sales grew by 59.0% (28.6% LFL). Retail profit nearly trebled to £13.4
              million, led by a particularly strong performance in Poland.

Kingfisher Chief Executive Gerry Murphy said:

'This has been an encouraging start to the year for Kingfisher given the challenging prior year sales comparisons. The
Group grew sales and profitability in the UK and internationally in generally competitive markets.'

(1)  Continuing home improvement business only; excludes businesses sold or closed during 2003, Dubois Materiaux in
France, Reno Depot in Canada, Nomi in Poland, Castorama Brazil, Belgium and Germany. Also excludes Kesa Electricals
plc, demerged in July 2003.

(2) Retail profit is stated before central costs, exceptional items, and goodwill amortisation




UK & Ireland



                            Retail Sales £m              % Total          % LFL        Retail profit £m      %Total
                          Q1 2004       Q1 2003           Change          Change       Q1 2004     Q1 2003   Change

B&Q                       1,068.8       1,008.9             5.9             1.7          82.5       70.8       16.5
Screwfix Direct              64.2          55.0            16.7            16.7           4.7        5.4     (13.0)

Total                     1,133.0       1,063.9             6.5             2.5          87.2       76.2       14.4


B&Q achieved total sales growth of 5.9% (1.7% LFL). Profits were strongly ahead, growing 16.5% to £82.5 million.

Growth in a challenging quarter - B&Q faced tough prior year comparatives in the first quarter, with strong seasonal
sales last year driven by an early and extended period of fine weather (Q1 2003: 6.3% LFL). Poor weather this year,
particularly in March and April, affected sales of seasonal products (such as gardening products and exterior paints).
However, sales of other core home improvement categories grew in the quarter, boosted by continued re-investment of
sourcing gains in better prices for customers in an increasingly competitive retail market.

Mini-Warehouse conversion programme on track - Nine mini-Warehouse conversions opened during the first quarter, ahead
of the important Easter trading period, taking the total now trading to 37. B&Q also opened one new Warehouse.

Continued strong growth in Showroom - A combination of new product ranges and keener prices drove strong growth in
kitchens, appliances and bathrooms. Bedroom furniture, recently introduced into B&Q, also performed well.

Retail margin improved from 7.0% to 7.7%, despite lowering prices during the period. The success of the ongoing
shrinkage reduction programme boosted operating margins, as did the timing of the store opening programme which
resulted in lower pre-opening costs than in the prior year. The uplift in gross margins from the strong showroom sales
compensated for increased home delivery costs.

B&Q Direct's online sales increased by over 50%, with a corresponding increase in the number of visitors to the
website.

SCREWFIX DIRECT, the UK's leading direct supplier of tools and materials for the trade, grew sales by 16.7% to £64.2
million in the quarter. All key categories grew, particularly plumbing and electrical products. Screwfix Direct grew
its customer base by 12% and online sales now account for nearly 30% of total sales.

New capacity - A major new semi-automated fulfilment centre, which will add 40% capacity, remains on track for its
phased opening in June. The 13% decline in profit in the quarter reflects the one-off set-up and system development
costs associated with the project. Dual running costs will continue in the second and third quarters.



France


Retail sales £m                         Q1 2004            Q1 2003           % Change           % Change          % LFL
                                                                           (Reported)         (Constant)         change
Castorama                                 389.9              365.7                6.6                8.2            5.6
Brico Depot                               213.4              181.8               17.4               19.2           12.9
Total                                     603.3              547.5               10.2               11.9            8.0


Retail profit £m                        Q1 2004           Q1 2003           % Change           % Change
                                                                          (Reported)         (Constant)
Castorama                                  28.0              27.4                2.2                3.7
Brico Depot                                16.6              14.5               14.5               16.1
Total                                      44.6              41.9                6.4                8.0

Note:    2004 £1 = Euro 1.4903, 2003 £1 = Euro 1.4680

CASTORAMA sales grew 8.2% in constant currency (5.6% LFL). Retail profits were ahead 3.7% in constant currency to
£28.0 million after £2.3 million of store refurbishment costs in the quarter.

Sales growth ahead of market - Building on initiatives introduced last year as part of the revitalisation programme,
Castorama continued to deliver sales growth ahead of the market.

Lower prices driving growth - In an increasingly price-led market, Castorama introduced new low price or 'entry level'
products into key ranges, and launched strong value promotions such as 'Prix Jamais Vu' or 'Prices Never Seen Before'.
A successful 35th Anniversary campaign, with extensive local advertising, was also staged in the quarter.

New ranges - Castorama introduced new ranges across a number of categories including air conditioning units, windows,
doors and showers.

Store revitalisation on track - Seven stores were revamped during the first quarter, all of which re-opened before
Easter. A total of ten stores have now been revamped with a further three planned for later in the year.

Retail margin declined from 7.5% to 7.2%, reflecting the £2.3m of costs associated with the refurbished stores. Price
investment was offset by sourcing and cost productivity gains.

BRICO DEPOT, a hard discount format, continued to perform strongly with sales growth of 19.2% in constant currency
(12.9% LFL). All product categories performed well. Retail profit grew 16.1% to £16.6 million after the costs
associated with the launch of a new national catalogue.



Rest of World

Retail sales £m                      Q1 2004        Q1 2003              % Change            % Change             % LFL
                                                                       (Reported)          (Constant)            Change

Castorama Poland                        80.7           54.5                  48.1                68.8              52.7
Castorama Italy                         45.8           36.8                  24.5                26.5               0.8
B&Q China                               32.7           20.4                  60.3                85.8              20.2
B&Q Taiwan (1)                             -              -                     -                   -                 -
Other Int'l (2)                          2.3              -                     -                   -                 -
Total                                  161.5          111.7                  44.6                59.0              28.6


Retail profit £m                      Q1 2004        Q1 2003              % Change            % Change
                                                                        (Reported)          (Constant)

Castorama Poland                         13.7            6.3                 117.5               149.1
Castorama Italy                           1.5            2.7                (44.4)              (44.4)
B&Q China                               (2.1)          (2.2)                   4.5                10.5
B&Q Taiwan (1)                            2.0            1.4                  42.9                53.8
Other Int'l (2)                         (1.7)          (3.2)                  46.9                45.2
Total                                    13.4            5.0                 168.0               197.8

(1)      Joint venture (sales not consolidated)
(2)      Includes Hornbach, Koctas in Turkey, B&Q Korea, Brico Stock Spain

International growth continued - sales grew by 59.0% in constant currency (28.6% LFL). Retail profit increased from £5
million to £13.4 million. Three new stores opened in the quarter, two in Italy and one in Spain.

Outstanding growth in Poland - Castorama Poland had an excellent quarter growing total sales 68.8% in constant currency
(52.7% LFL) with profits more than doubling to £13.7 million. Sales were boosted by better weather than last year and
customers buying product ahead of increased VAT charges introduced on Poland's accession to the EU in May.

All categories grew strongly, particularly those subject to additional VAT (flooring, bathrooms and construction
materials). Some correction is expected reflecting the pull-forward of sales in the last two quarters.

Castorama Italy grew sales 26.5% in constant currency driven by new store openings. LFL sales were ahead 0.8% as
seasonal sales were affected by particularly poor weather in March. The decline in retail profit reflects pre-opening
costs for the two new stores.

B&Q China sales grew 85.8% (20.2% LFL). The first quarter loss reduced slightly after pre-opening costs for three new
stores opened shortly after the quarter end. Customers responded well to targeted promotions emphasising B&Q's value
proposition. B&Q Taiwan's strong performance reflected the impact of SARS last year and growth in installation sales.






Data by Country at 1st May 2004


                                                  Store Nos                 Selling Space                     Employees
                                                                              (000s sq.m)                         (FTE)

B&Q                                                     327                         2,131                        27,034
Screwfix Direct                                           -                             -                         1,897

Total UK & Ireland                                      327                         2,131                        28,931

Castorama                                               105                           972                        14,106
Brico Depot                                              58                           286                         3,816

Total France                                            163                         1,259                        17,922

Castorama Poland                                         19                           185                         4,277
Castorama Italy                                          20                           131                         2,028
B&Q China                                                15                           189                         3,971
B&Q Taiwan                                               17                            83                         1,665
Other International                                       7                            35                           540

Total Rest of World                                      78                           623                        12,480


Total                                                   568                         4,013                        59,333



Enquiries:


Ian Harding, Director of Communications                            020 7644 1029

Loraine Woodhouse, Head of Investor Relations                      020 7644 1032

Nigel Cope, Head of External Communications                        020 7644 1030

Kingfisher Website                                            www.kingfisher.com

Kingfisher plc                                                     020 7372 8008


Further copies of this announcement can be downloaded from the website or by 
application to:


The Company Secretary, Kingfisher plc, 3 Sheldon Square, London, W2 6PX


Company Profile


Kingfisher is Europe's leading home improvement retailer and the third largest
in the world, with 568 stores in nine countries in Europe and Asia.  The Group
also has a strategic alliance with Hornbach, Germany's leading DIY Warehouse
retailer, which operates more than 110 stores in Europe.


                      This information is provided by RNS
            The company news service from the London Stock Exchange