B&Q owner holds guidance as UK&I outperforms European arms

Kingfisher has announced that it will be maintaining its profit guidance after Q1 sales at B&Q in the UK and Ireland offset its weaker performance at its groups in France and Poland.  

During the period to 30 April, sales rose 0.3% to £3.3bn. However, sales declined 0.9% on a like-for-like basis. 

The group attributed its performance to UK revenues growing 2.7% on a constant currency basis “ahead of respective markets”. 

Meanwhile, B&Q sales edged up 0.4% due to Kingfisher’s “strong” performance in ecommerce and the trade segment, which helped to offset weaker sales in ‘big-ticket’ categories. 

The DIY category online also saw sales jump 22.8% year-on-year, with the marketplace reaching 41% participation in April. 

As a result, Kingfisher will be maintaining an unchanged full-year guidance of adjusted profit before tax between £490m to £550m, with free cash flow of between £350m to £410m. 

Thierry Garnier, CEO of Kingfisher, said: “Trading in the first quarter has been in line with our expectations. We have seen continued resilience in our core categories, although ‘big-ticket’ sales have been weak reflecting the broader market as expected. 

“We remain focused on driving productivity gains and maintaining tight control of our costs and inventories. In France we are pushing ahead with our plan to improve performance, having successfully completed our structural simplification and transitioned to new leadership at Castorama.”

He added: “Looking forward, we confirm the guidance outlined in March for the full year, including our expectations for the overall market in 2024.”