Kingfisher profits fall 7% to £528m in FY24
However, in the UK and Ireland sales slightly increased 0.6% to £558m, supported by market share gains at B&Q and positive LFL at Screwfix
Kingfisher has reported a 7% dip in profits to £528m, including £33m of one-off business rates refunds at B&Q, during the year ended 31 January 2025.
The home improvement retailer, which owns B&Q and Screwfix, has seen its total sales decrease 0.8% to £12.7bn. Operating profit for the group also fell by 29.7% before adjustments to £407m.
However, in the UK and Ireland sales slightly increased 0.6% to £558m, supported by market share gains at B&Q and positive LFL at Screwfix.
In Q4, group LFL sales were lower by 0.8%, with the performance supported by resilient sales from trade customer channels, particularly in the UK and Ireland and Poland.
In the UK and Ireland, core category sales remained positive in Q4, supported by repair, maintenance and existing home renovation activity. TradePoint was the standout performer, with LFL sales increasing 6.7% in the quarter.
Meanwhile, Screwfix sales growth was lower in Q4 compared to Q3, driven by the impact of milder weather in November on electrical, plumbing, heating and cooling (EPHC) sales.
The retailer now believes that its FY25/26 outlook for the UK and Ireland home improvement market in 2025 is flat to low single digit % growth YoY. It also forecasts its PBT for FY25/26 to be within the £480m-£540m range.
Thierry Garnier, chief executive officer, said: “For the first time in over six years, we grew our market share in all key regions. Our e-commerce marketplaces are now live in the UK & Ireland, France, Poland and Iberia, and are growing strongly with total GMV up 62%. Our trade sales penetration, excluding Screwfix, reached 17.9% in January, up 4.9%pts, with rapid progress being made in France and Poland.
“Looking to the year ahead, the recent government budgets in the UK and France have raised costs for retailers and impacted consumer sentiment in the near term. With this in mind, we remain focused on what is in our control – progressing our strategic objectives at pace to deliver further market share gains, and continuing to manage gross margin, costs and cash effectively. Kingfisher is in its best operational shape for years, and we remain confident about the growth opportunities in our business.”
