Kingfisher like-for-like sales fall amid late start to spring
Kingfisher has reported a decline in first-quarter like-for-like sales, although it said it remains on track to meet its full-year profit guidance.
In the three months to 30 April, underlying like-for-like sales fell by 0.7%, while total sales rose by 1.4% to £3.3 billion. Including marketplace gross merchandise value, sales increased by 0.8%.
Subscribe to TRBMeanwhile, B&Q sales fell by 4.1% on a like-for-like basis due to the late start to spring, which impacted footfall, seasonal sales and related purchases across core categories. A weaker performance in bathrooms was offset by strength in new kitchen ranges.
Kingfisher said Screwfix delivered significant market share gains, driven by higher volumes and transaction growth, with like-for-like sales rising by 4.1% during the period. The performance was supported by continued momentum in the retailer’s app-based rewards programme.
In France, where Kingfisher operates the Castorama and Brico Dépôt brands, sales declined by 2.1%.
Thierry Garnier, Kingfisher chief 4xecutive, said: “We delivered a resilient start to the year, executing well and gaining market share against a soft market backdrop.
“Sales including marketplace grew +0.8%, with core categories proving resilient – even as a late start to spring impacted footfall and seasonal demand.
“Ecommerce and trade sales both delivered double digit growth, underlining the momentum in our key growth drivers.”
Looking ahead, Kingfisher said it is on track to deliver a full year adjusted pre-tax profit of around.£565 million to £625 million.
Garnier said: “While mindful of the consumer environment, we remain absolutely focused on delivering our strategy, disciplined gross margin and cost management, and consistent shareholder returns.
“We are confident in achieving our full-year guidance and are well positioned to capitalise on the attractive long-term growth opportunities across our markets.”
