Kingfisher, B&Q take hits

LONDON and EASTLEIGH, U.K. — Britain’s two largest hardware banners both sustained losses this week. Kingfisher reported an 8% decline in sales in Q2, with comparable sales falling 4.7% for the period. The group’s French business, which includes Castorama, saw sales fall by 3.8% to £1.2 billion. On the home front, its B&Q banner missed analyst expectations with sales of £967 million, a decline of 7.8%. Meanwhile, Bunnings UK & Ireland, part of Australia’s Wesfarmers retail group, posted a loss of £54 million for the year as it continued to feel the effects of its acquisition of Homebase last year.