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Kingfisher forecasts increase in half-year profits

Kingfisher, the owner of B&Q and Screwfix, has said it experienced strong demand from customers in its second quarter with like-for-like sales rising by 21.6%. In the three… View Article

HOME AND DIY RETAIL NEWS

Kingfisher forecasts increase in half-year profits

Kingfisher, the owner of B&Q and Screwfix, has said it experienced strong demand from customers in its second quarter with like-for-like sales rising by 21.6%.

In the three months to 18 July, the DIY retail group saw a surge in online sales which rose by 202.1% and 225.2% on a like-for-like basis in May and June respectively. It also benefited from a phased reopening of stores in the UK and France from mid-April after they closed temporarily due to the Covid-19 lockdown.

As a result, Kingfisher is now expecting its half-year adjusted pre-tax profit to be ahead of the same period in the previous year.

In a statement, the company said: “Our top priority remains ensuring the health and safety of our colleagues and customers, serving our markets as a retailer of essential goods, and protecting our business for the long term. The operational and financial actions we have taken, together with the strong demand for home improvement we are currently seeing, give us a sound footing in the current crisis and beyond.”

However, Kingfisher has given no specific guidance for its full year. It added: “While we are entering the second half with a favourable trading backdrop, second half visibility remains low given uncertainty around Covid-19 and the wider economic outlook.”

 

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