Kingfisher Lifts Annual Profit Guidance Despite B&Q Sales Decline

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Summary · why it matters

Kingfisher has raised its full-year underlying pre-tax profit guidance to between £595 million and £635 million, up from the £565 million to £625 million previously pencilled in, sending shares up 10% in morning trade on Tuesday. The B&Q owner reported a 9.9% rise in underlying pre-tax profits to £404 million for the six months to July 31, though this was boosted by a one-off £14 million UK business rates refund, while statutory pre-tax profits jumped 18.4% to £400 million. B&Q like-for-like sales in the UK and Ireland fell 1.8% in the second quarter, with big ticket items down 8.1%, but the decline was an improvement on the 4.1% fall in the first quarter, and a 7.1% jump at Screwfix helped overall UK and Ireland same store sales rise 1.6% in the second quarter and 0.4% over the first half. Outgoing chief executive Thierry Garnier, who announced plans in May to step down after nearly seven years to head Netherlands-headquartered supermarket group Ahold Delhaize, said the consumer environment remains mixed but that consistent delivery and strategic progress gave the group confidence to upgrade its guidance. The group said record summer heatwaves boosted demand for air conditioning, cooling products and outdoor living ranges while hurting sales of plants, paint and fencing, and drove B&Q app and internet sales up 19.3% in the first half.

Impact on assets 2

Consumer Discretionary▲ · 1 stocks
Kingfisher PLC
KGF
▲ PositiveCapitalrelevance

Kingfisher raised its full-year underlying pre-tax profit guidance and reported a 9.9% rise in H1 underlying pre-tax profits, sending shares up 10%.

Consumer Staples▲ · 1 stocks

Off-coverage companies 1

ScrewfixPrivate▲ Positive
Demandrelevance

Screwfix's 7.1% jump in second-quarter like-for-like sales helped lift overall UK and Ireland same-store sales.

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