Castorama 1st Quarter Results

Kingfisher PLC
28 May 2002



KINGFISHER STATEMENT FOLLOWING CDI RESULTS RELEASE


Kingfisher, in compliance with its listing obligations, draws the market's
attention to the attached first quarter results which were released by Castorama
Dubois Investissements SCA ('CDI').  It should be noted that Kingfisher, which
owns 56% of CDI, was not given an opportunity to review the statement prior to
its release and is, therefore, not able to take responsibility for the
presentation of the contents therein.

The Group's results for the first quarter were due to be released on 12th June
2002, the date of the AGM.  Following CDI's action Kingfisher will bring forward
this date to 30th May.  As Kingfisher indicated in its recently published
circular to shareholders the Group's overall performance for the first quarter
has been good.  Whilst results for individual businesses have varied and
economic conditions remain difficult, especially in continental Europe, both the
Home Improvement and Electrical & Furniture businesses have performed in line
with expectations.
                                               -ends-

Further Enquiries:

Broker and Institutional Enquiries
Ian Harding, Director of Investor Relations                [phone]

Media Enquiries:
Andrew Mills, Director of Corporate Affairs                [phone]
Jonathan Miller, Head of Corporate Comms, UK               [phone]

France
Graham Fairbank, Head of Corporate Comms.                  [phone]

The Maitland Consultancy
Angus Maitland
Duncan Campbell-Smith                                      [phone]

Euro RCSG C&O
Laurent Wormser                                            [phone]
Marie-Noelle Brouaux                                       [phone]


                                    CASTORAMA
                               Dubois Investissements

                             First-Quarter 2002 Results
                                 Sales Up + 19.1 %
                         Income from Operations up + 32.1%


Castorama Dubois Investissements (CDI) operates 548 do-it-yourself stores in 11
countries on three continents and employs nearly 50,000 people. It is active in
three major regions:    
-    In the United Kingdom, with the B&Q and Screwfix banners.    
-    In France, through the Castorama, Brico Depot and Dubois Materiaux chains.    
-    In International markets, under the Castorama (latin countries), B&Q (Asia) 
     and Reno Depot (Canada) tradenames.


1 - Net Sales

     in Eur millions          30 April 2002         30 April 2001                 % change
                                                                           Actual         Like for like
United Kingdom                   1,540.0               1,268.1              21.4%             5.6 %

France                            754.8                 698.9               8.0%               2.1%

International                     365.1                 266.7               36.9%             10.0%

Total                            2,659.9               2,233.7              19.1%              5.0%


Sales rose by + 19.1% for the three months that ended 30 April 2002. At constant
exchange rate, the increase amounted to + 17.8%. This excellent performance
confirms that the Group's store chains are enjoying strong growth and meeting
customer demand in their main markets.

On a like-for-like basis, sales grew by + 5 %.


United Kingdom

In the United Kingdom (317 stores), sales rose by 21.4%, or + 19% based on
constant exchange rates. On a like-for-like basis, the increase was + 5,6%.

Growth was driven by rising sales at stores opened in 2001, the launch of new
products, and firm sales in existing outlets. Sales of seasonal items, which
benefited from favourable early spring weather, were especially robust.

Sales from the Screwfix home shopping business and the diy.com website continued
to rise sharply.

During the quarter, B&Q continued to develop the Warehouse format, with the
opening of six new outlets. A B&Q Supercentre was also opened. At 30 April, UK
operations included 85 B&Q Warehouses and 232 B&Q Supercentres.


France

In France (152 stores), sales gained a reported +8.0%, or +2.1% on a like-for-
like basis, driven by significantly higher sales in stores operating under the
Castorama name. The success of the 'Fete de l'Investissement' sales promotion
enabled the banner to reaffirm its market leadership position.

Like-for-like sales in the 'low price, low costs' Brico Depot outlets were
stable. Consumer spending was adversely affected by the changeover to the euro,
as customers had trouble adjusting to the new currency and appreciating price
differences, and by uncertainties preceding France's presidential elections.

Overall sales growth in France was slowed by the wholesaling business, whose
prior year sales offered a high base of comparison.

During the quarter, expansion in France continued with the opening of three new
Brico Depot stores and the conversion of four Castorama France outlets to the
new format.


International

Sales in international markets (79 stores) rose by 36.9%, or 37.7% at constant
exchange rates. On a like-for-like store basis, sales increased by + 10.0%, led
by significant growth in all countries (and especially in Canada beginning in
second-half 2001), thus confirming the Group's ability to adapt to international
markets.

During the quarter, 3 new outlets were opened outside France and the UK-one in
Italy, one in Taiwan and one in China- bringing to 79 the total number of stores
operated internationally.

This performance attests to the growing importance of the Group's international
operations, which represent an increasingly significant source of business to
drive future growth.


2 - Income from Operations (unaudited)

    in Eur millions         30 April 2002        30 April 2001                  % change
                                                                   Incl. preopening    Excl. preopening
                                                                   expenses            expenses

United Kingdom                  108.6                82.8                 31.1%               31.0%
France                          38.2                 41.7                (8.5%)               3.5%
International                    5.4                 (9.6)                 NM                  NM
Headquarters                    (6.2)                (4.4)                 NM                  NM
Total                           146.0                110.5                32.1%               30.6%


Income from operations, after preopening expenses, rose by 32.1% to 146 million
of Euros. For the quarter, preopening expenses increased by 21.3% to 22 million
of Euros.

This substantial increase reflects the effectiveness of the Group's strategy. It
was led by outstanding results in international markets, another excellent
performance in the United Kingdom, and a lower contribution from France
following a return to major investments to deploy the new format. These outlays
were concentrated in the beginning of the year, with 4 stores opening in first
quarter 2002, compared with 0 in the prior-year period. When preopening expenses
are excluded, income from operations was higher in all regions.



3 - Balance sheet data (unaudited)

                 in Eur millions            At 30 April 2002         At 30 April 2001

           Investments                            129                      225
           Borrowings                             751                     1,003


The group has pursued its capital expenditure program and had managed to
significantly reduced its borrowings over the past three months.

4 - Outlook

As announced in late March, the store base will continue to expand. In all, around 50 new stores, including some 20
conversions, are expected to open in the United Kingdom, France, Poland, Taiwan, Italy, China and Canada.

Based on the strength of its brands, the strong strategic fit between its formats, and the validity of its business
models, the CDI Group is confident in its ability to generate sustainable, profitable growth in structurally
promising markets.


5 - Annual General Meeting of Shareholders

At the Annual General Meeting of Shareholders on Thursday, 16 May 2002, shareholders approved all resolutions,
including the payment of a dividend net of tax credit of Eur 0.76, payable as of 10 June.


The CDI Group is the leading DIY retailer in Europe and the third largest worldwide. It employs nearly 50,000 people
and operates 548 DIY stores in 11 countries (Belgium, Brazil, Canada, China, France, Germany, Italy, Poland, Turkey,
Taiwan and the United Kingdom) on three continents. In 2001, it earned Eur 406 million on net sales of 406 billion.

CDI Group shares are traded on the Euronext Paris market. Its main shareholder, Kingfisher Plc, owns 54.6% of diluted
shares outstanding and 50% of the voting rights.


For additional information:
Financial Analysts and Investors - CDI Group
Veronique Postic                              Tel: [phone]     Fax: [phone]
Press- Image 7

Adeline Challon - Monique Denoix (French)     Tel: [phone]     Fax: [phone]
Joanna Moss (English)                         Tel: [phone]      Fax: [phone]


www.castorama-group.com

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