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Kingfisher plc - Q1 trading update

Published: 23 May 2022 - James Mead

Kingfisher plc has today provided its Q1 22/23 sales.

 

Key points

  • Sales significantly ahead of pre-pandemic performance (3-year LFL +16.2%), supported by strong market share gains
  • Sales of £3.2bn in line with our expectations (total sales -4.2% in constant currency and LFL -5.4%)
  • Good momentum into the second quarter with 3-year LFL +21.8%, and LFL -2.5% for the 2 weeks to 14 May 2022 including a c.1% adverse calendar impact
  • Resilient demand from both DIY and DIFM/trade segments
  • Omni-channel engagement remains high with e-commerce sales 3-year growth of 164%; representing 16% of Group sales (Q1 19/20: 7%)
  • Continuing to manage inflation pressures effectively
  • Good product availability, approaching pre-pandemic levels
  • Full year guidance reiterated; anticipate FY 22/23 adjusted pre-tax profit of c.£770m
  • Announcing return of a further £300m of surplus capital via a share buyback programme; first tranche to commence soon

 

Thierry Garnier, Chief Executive Officer, said:

“Kingfisher has delivered a good first quarter of trading, with LFL sales 16.2% ahead of our pre-pandemic performance. While facing very strong comparatives in the prior year, our continued strategic progress has enabled us to retain a significant proportion of the increased sales during the pandemic.

“We continue to effectively manage inflationary and supply chain pressures. As a result, our product availability is now very close to ‘normal’ levels across all our banners, and we continue to deliver value for our customers through our own exclusive brands and competitive prices.

“Looking forward, we are reiterating our profit guidance for FY 22/23. We are focused on delivering on our strategic objectives and growth initiatives, including the growth of our scalable e-commerce marketplace, the expansion of Screwfix in the UK and France, new store openings in Poland, further increasing our trade customer base.

“We remain committed to delivering attractive returns for our shareholders and are today announcing a further £300m share buyback programme. This reflects our strong cash generation and our confidence in the Group’s outlook.”

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