Kingfisher PLC on Tuesday raised guidance for the second time in three months boosted by sales growth in the UK & Ireland despite budget uncertainty.
‘We delivered another quarter of high quality, volume-led growth, driven by our group strategic initiatives in e-commerce and trade and by our performance in core and ’big-ticket’ categories. B&Q, Screwfix and Iberia continue to strongly outperform their markets,’ said Chief Executive Thierry Garnier.
The London-based do-it-yourself and home improvement retailer owns the B&Q, Screwfix, Castorama and Brico Depot brands France, Poland and the UK.
Kingfisher now expects full-year adjusted pretax profit between £540 million to £570 million.
In September, Kingfisher upgraded profit its outlook to the ‘upper end’ of the previously guided range of £480 million to £540 million.
In response, shares in Kingfisher rose 5.1% to 307.30 pence each in London on Tuesday morning.
Sales climbed 1.0% on-year to £3.25 billion in the third quarter ended October 31, but fell 0.8% on a constant currency basis.
Like-for-like sales rose 0.9% at constant currency, Kingfisher reported.
Year-to-date sales are up 0.9% to £10.06 billion, improving 0.4% at constant currency and 1.2% like-for-like, also at constant currency.
When excluding calendar impacts, year-to-date sales are up 0.8% at constant currency and 1.6% like-for-like.
Like-for-for sales rose 3.0% at constant currency in the UK & Ireland in the quarter, with B&Q up 2.8% and Screwfix up 3.3%.
Kingfisher said it continues to be ‘mindful of inflation, uncertainty ahead of the autumn budget and the softening labour market.’
LFL sales fell 2.5% in France, impacted by weak consumer sentiment, an uncertain political environment, and national strike action in the quarter, and by 1.3% in Poland, with the quarter weaker than expected.
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