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Wednesday, 23 May, 2001, 09:50 GMT 10:50 UK
Kingfisher reports strong first quarter
Superdrug store
Superdrug could be spun off from parent Kingfisher
Retail giant Kingfisher has reported an 11.3% increase in sales for the first quarter of 2001.

The company said the results were broadly in line with expectations.


We are well advanced with negotiations with the prospective buyers of both the main businesses

Sir Geoffrey Mulcahy, Kingfisher chief executive
But it said a decision on the planned demerger of Woolworths and Superdrug had yet to be taken.

Like-for-like sales rose 4.9% across the group for the 13 weeks to 5 May, with the DIY division, including B&Q and Castorama, achieving 7.6% like-for-like growth.

General merchandise - including toys, sweets and music chain Woolworths, and health and beauty chain Superdrug - achieved 3.6% growth, while electricals, including Britain's Comet and Darty in France, rose 1.6%.

Work on the demerger of general merchandise is continuing, the company said, with a final decision on whether to sell or float Woolworths and Superdrug expected by the end of July.

Chief executive Sir Geoffrey Mulcahy said: "At the same time we are well advanced with negotiations with the prospective buyers of both the main businesses."

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