1st Quarter Results

Kingfisher PLC
30 May 2002



EMBARGOED UNTIL 0700 HOURS

Thursday 30 May 2002


                             Unaudited first quarter results for 13 weeks ended 4 May 2002


                                                             2002                  2001               Change

                                                               £m                    £m

Retail sales                                              2,410.8               2,260.8                 6.6%
Like-for-like sales growth                                  +1.4%                 +5.3%                  n/a
Retail profit (1)                                           114.6                  91.5                25.2%
Stocks(1)                                                 1,770.7               1,628.7                 8.7%
Capital expenditure(1)                                      107.6                 134.4              (20.0)%
Net debt                                                    951.9               1,792.6              (46.9)%


(1)  Retail sectors only, excludes e-commerce, property, financial services,
acquisition goodwill amortisation, exceptional items and other operating
costs (and for 2001 excludes discontinued operations).

Kingfisher starts the year in solid fashion


Kingfisher, the leading European retailer, today announced trading results for
the first quarter to 4 May 2002, with retail sales up 6.6% to £2.4 billion. On a
like-for-like basis, sales grew by 1.4%. With a firm focus remaining on margin
and cost management, retail profit grew by 25.2%.

The Group's Home Improvement business delivered a strong performance, boosted
primarily by UK market leader B&Q.  Total UK sales were up 18.9%, with like-for-
like sales up 5.9%. In France, total sales grew by 5.6%, with a 2.1% like-for-
like increase helped by Castorama's decision to bring forward its Spring sales
promotion. Home Improvement retail profit was strongly ahead at £101.3 million.



The first quarter is less significant for Kingfisher's Electrical & Furniture
business, accounting for around 5% of annual retail profit. Sales declined by
5.0% on a like-for-like basis, with market conditions in continental Europe
continuing to be particularly challenging.  Retail profit of £13.3 million was
23.1% higher.  However, after adjusting for the additional month of sales and
losses in last year's German result, total Electrical & Furniture sales declined
by 1.7% and there was a slight fall in retail profit.



'Overall, we've made a good start to the year, although results for individual
businesses have varied,' said Group Chief Executive Sir Geoffrey Mulcahy. 'B&Q
has again led the way with a very strong performance.  Although economic
conditions remain difficult, especially in continental Europe, we consider that
prospects for the Group as a whole for the current financial year are
satisfactory.'


Update on strategic transformation


The Board believes that the Commandites A are continuing their attempt to
frustrate the proposed bid for the minority interests in CDI using a variety of
tactics.  These include a legal challenge to the independence of Schroder
Salomon Smith Barney, a bank which the Commandites A originally selected, after
a two week period, from separate shortlists prepared by Kingfisher and the
Commandites A.  Schroder Salomon Smith Barney, whose appointment had previously
been ratified by the Tribunal de Commerce in Paris, has publicly confirmed its
independence.  Kingfisher, which is firmly committed to moving the process
forward, is concerned that the Commandites A continue to frustrate the
implementation of the offer process.  As the Commandites A are making no attempt
to progress the appointment of the bank required by Article 21 of CDI's statuts,
Kingfisher will vigorously argue its case at a hearing at 11am (Paris time)
tomorrow, in the Commercial Court in Paris.





Francis Mackay, Chairman, commented: 'The Commandites A are putting forward an
alternative idea whereby Kingfisher would demerge Castorama through a complex
dual listed company structure (DLC).  Kingfisher has previously evaluated this
concept in depth and has concluded that it is not in the interests of either
Kingfisher's or CDI's shareholders. Among other things, these transitional
structures typically result in a valuation discount because of the market's lack
of appetite for them.  Also, the implementation of a demerger of the DIY
business would result in Kingfisher dissipating the premium which it paid in the
1998 merger.  It would also replace, effectively, the current complex co-control
structure with another complex co-control structure. This is not what the Group
needs to implement its unified and ambitious strategy. Furthermore, Castorama
shareholders would not benefit from Kingfisher's cash offer which includes a
further premium of 20% based on the share price prior to the most recent
speculation.





'We're determined to succeed in our ambition of strengthening further the
leading position Kingfisher has built in European home improvement retailing.
Reinvigorating Castorama's French operation is critical to that ambition. The
brand and the people working in the business have tremendous potential. To
realise that potential for the benefit of shareholders, customers and employees
alike, the Board believes it's extremely important that a clear, unified
management structure be created and implemented rapidly. To achieve this, CDI's
minority shareholders must be given the opportunity to consider Kingfisher's
proposed bid as soon as possible.'

                                    -ends-









Note to Editors


This news release contains forward-looking statements based on current
assumptions and forecasts made by Kingfisher's management. Various known and
unknown risks, uncertainties and other factors could lead to substantial
differences between the actual future results, financial situation, development
or performance of the Group and the estimates given here. The Group accepts no
obligation to continue to report or update these forward-looking statements, or
adjust them to future events or developments.

                              Company profile

1.  Kingfisher is Europe's leading home improvement retailer, and is ranked
number three in the world. The company operates more than 580 home improvement
stores in 11 countries, and enjoys market-leading positions in the UK, France
and Taiwan. Sales for the Home Improvement sector for the year to 2 February
2002 were more than £5.8 billion, with retail profit in excess of £430 million.

2.  Kingfisher Electrical & Furniture operates more than 820 stores in nine
countries. It is Europe's third largest electricals retailing business by sales
and number two by retail profit. As well as holding the leading position in
France and the number two position in the UK, Kingfisher also enjoys leading
positions in Belgium and in the Czech and Slovak Republics.  Sales for the year
to 2 February 2002 were more than £3.7 billion, with retail profit of £184
million.

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 Communications, UK       [phone]


France
Graham Fairbank, Head of Corporate Communications          [phone]

Kingfisher plc                                              [phone]

Kingfisher Website                                            www.kingfisher.com


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

Euro RSCG                                                  [phone]
Laurent Wormser                                            [phone]
Marie-Noelle Brouaux



                           SUMMARY UNAUDITED RESULTS

                         For 13 weeks ended 4 May 2002


                                                             Retail sales (£m)
                                                                                  % total     % like-for-like
                                            2002               2001                change              change
HOME IMPROVEMENT                         1,599.8            1,383.4                  15.6                 5.0
ELECTRICAL &
FURNITURE(2)                               811.0              877.4                 (7.6)               (5.0)
TOTAL                                    2,410.8            2,260.8                   6.6                 1.4


                                                         Retail profit (£m) (1)
                                                                                                           %
                                                        2002                        2001              change
HOME IMPROVEMENT                                       101.3                        80.7                25.5
ELECTRICAL &
FURNITURE (2)                                           13.3                        10.8                23.1
TOTAL                                                  114.6                        91.5                25.2


(1)  Retail sectors only, excluding e-commerce, property, financial services,
acquisition goodwill amortisation and other operating costs.

(2)  Electrical & Furniture includes ProMarkt for the three months to April 2002
and the four months to April 2001 respectively. The prior year results for
ProMarkt include sales of £52.0 million and a retail loss of £ (5.0) million
relating to the additional month of January 2001.




SUMMARY OTHER DATA



                                                                   Selling space             Employees
                                            Store nos.             (000s sq. m.)               (FTE)
                                            2002         2001        2002        2001          2002       2001
                 HOME IMPROVEMENT            583          540     3,887.3     3,324.5        52,897     45,802
                 ELECTRICAL &
                 FURNITURE                   825          805     1,041.8       953.8        26,052     24,895
                 TOTAL                     1,408        1,345     4,929.1     4,278.3        78,949     70,697


HOME IMPROVEMENT



                                           Sales £m                                  %         % like-for-like
                                   2002                2001               total change                  change
         UK                       945.6               795.0                      18.9                     5.9
       France                     463.1               438.6                       5.6                     2.1
       Other                      191.1               149.8                      27.6                     8.6
       Total                    1,599.8             1,383.4                      15.6                     5.0






                                            Retail Profit £m                                   %
                                        2002                  2001                        change
           UK                           70.7                  56.4                          25.4
         France                         26.6                  28.7                         (7.3)
         Other                           4.0                 (4.4)                           n/a
         Total                         101.3                  80.7                          25.5




                                                                                    Selling space
                                           Store nos.                                (000s sq.m.)
                                   2002                2001                     2002                   2001
         UK                         317                 302                  1,896.0                1,618.0
       France                       152                 142                  1,184.0                1,092.0
       Other                        114                  96                    807.3                  614.5
       Total                        583                 540                  3,887.3                3,324.5


UK

During the first quarter of the year, B&Q capitalised on the seasonal
opportunities presented by better weather and an earlier Easter than last year.
Sales of outdoor categories such as garden equipment, furniture, bedding plants
and decking were particularly strong.



Continuing benefits from the Cost Price Reduction Programme helped to improve
gross margins in the period and retail profit grew significantly by 25.4% to
£70.7 million.

A further six B&Q Warehouses were opened in the first quarter, including the
innovative two-storey B&Q Warehouse at Sutton and the first B&Q Warehouse in
Eire.

France


Sales in France were boosted by Brico Depot's continuing strong growth, in local
currency terms, of 29.2%.  Castorama France's decision to bring forward its
Spring sales promotion from May to April led to like-for-like sales growth of
11% in that month.   Overall, sales for the quarter in Castorama France grew by
2.9% in local currency.



Four new stores opened, of which two were relocations, bringing the total number
of Castorama stores in France to 106. A further three stores are planned to open
this year.  Three Brico Depot stores opened, bringing the total to 46, and a
further eight are planned to open in the remainder of the year.





This store development activity resulted in an increase of £2.6 million in pre-
opening net costs that contributed to the retail profit decrease of 7.3%. 
Again, Brico Depot achieved strong retail profit growth.


Other

International sales increased by 27.6% to £191.1 million and the result improved
by £8.4 million to a retail profit figure of £4.0 million.  Sales grew in all
regions, except Belgium and Brazil, with good growth in Poland and encouraging
performance in Canada against a poor first quarter last year due to difficult
market conditions.



ELECTRICAL & FURNITURE




                                            Sales £m                                  %      % like-for-like
                                     2002                 2001              total change               change
      France                        371.5                371.1                      0.1                 (4.0)
         UK                         277.7                272.8                      1.8                 (2.4)
     Germany (1)                    114.4                192.1                   (40.4)                (14.3)
        Other                        47.4                 41.4                     14.5                   0.5
        Total                       811.0                877.4                    (7.6)                 (5.0)





                                                Retail Profit £m                                 %
                                           2002                   2001                      change
         France                            26.2                   27.7                       (5.4)
           UK                               0.7                    0.6                        16.7
       Germany (1)                       (10.3)                 (13.4)                         n/a
          Other                           (3.3)                  (4.1)                         n/a
          Total                            13.3                   10.8                        23.1







                                                                                          Selling space
                                              Store nos.                                    (000s sq.m.)
                                      2002                 2001                    2002                2001
      France (2)                       278                  260                   489.4               441.5
          UK                           258                  259                   233.3               220.1
       Germany                         189                  194                   229.0               220.0
        Other                          100                   92                    90.1                72.2
        Total                          825                  805                 1,041.8               953.8


(1)   Electrical & Furniture Germany includes ProMarkt for the three months to
April 2002 and the four months to April 2001 respectively.  The prior year
results include sales of £52.0 million and a retail loss of £ (5.0) million
relating to the additional month of January 2001.



(2)   Electrical & Furniture France includes only those stores consolidated in
the Group's figures.  Electrical & Furniture France also operates 141 non-
consolidated franchise stores with 355,500 square metres of selling space and
3,600 (FTE) employees.




France

Consumer confidence in France continued to have an adverse impact on the
electricals market, which according to GFK saw a 4.4 % decline in February and
March. Against that background, Darty saw its total sales decrease by 2.3% in
local currency, down 4.1% on a like-for-like basis.

Strong sales growth continued to be achieved in wide screen TVs, DVDs and laptop
computers and Darty also continued its programme of space expansion with the
opening of a further three stores.

BUT experienced a similar impact from the weaker French market and, while total
sales grew by 17.3% in local currency, like-for-like sales declined by 3.5%. 
Sales in furniture were stronger than in electricals which, coupled with the
benefits derived from BUT's ongoing supply chain initiatives, led to improved
gross margins.

UK

Following a year of strong growth in 2001, the UK electricals market showed
little growth in the first quarter. Comet's sales continue to be fuelled by
demand for new technology products, including wide screen TVs, refrigeration,
multi-media and games.

Comet now operates 36 'interactive' destination stores, following the opening of
another five this quarter. Six more are planned to open during the remainder of
the year.

Germany

The decline of the electricals market in Germany accelerated in the first
quarter and, consequently, sales continued to fall at ProMarkt.



The new management team continued implementing the turnaround plan.  The gross
margin percentage grew and costs fell compared with last year. However, the
extent of the sales decline, due to the difficult market conditions, meant these
improvements were insufficient to continue the recent underlying trend of
decreasing losses.

Other

This includes Vanden Borre in Belgium, BCC in the Netherlands and Datart in the
Czech and Slovak republics. Sales and profit performance improved year-on-year,
driven mostly by improvements at BCC following the rectification of last year's
supply chain problems.











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