Register now for FREE unlimited access to reuters.com
Register
LONDON, Nov 19 (Reuters) – British home improvement retailer Kingfisher (KGF.L) forecast full-year profit towards the higher end of the 910-950 million pounds ($1.23-$1.28 billion) range previously guided after reporting strong third-quarter sales on a two-year basis.
The group, which owns B&Q and Screwfix in the United Kingdom and Castorama and Brico Depot in France and other markets, said like-for-like sales fell 2.4% in the three months to Oct. 31 against high numbers a year ago when it benefited from soaring demand during the COVID-19 pandemic.
But like-for-like sales on a two-year basis were up 15.0%.
Register now for FREE unlimited access to reuters.com
Register
Kingfisher said it made a good start to its fourth quarter, with like-for-like sales to Nov. 13 up 0.4% year-on-year and up 13.2% on a two-year basis.
It said it was seeing strong growth across both retail and trade channels, and across all product categories.
“Demand remains supported by what we believe are enduring new industry trends, including more working from home,” said CEO Thierry Garnier.
British retailers are battling supply chain disruptions and labour shortages.
However, Garnier said that since the start of this year Kingfisher had maintained, and in many cases improved, its product availability.
“We have also continued to manage inflation pressures effectively, while retaining highly competitive pricing,” he said.
Kingfisher forecast second-half like-for-like sales towards the higher end of its previously guided range of down 7% to down 3% and up 9% to 13% on a two-year basis.
($1 = 0.7410 pounds)
Register now for FREE unlimited access to reuters.com
Register
Reporting by James Davey; editing by Guy Faulconbridge and Paul Sandle
Our Standards: The Thomson Reuters Trust Principles.