Kingfisher ups guidance as revenues hit £3.3bn

Kingfisher has upped its FY guidance after seeing its revenues improve 1% to £3.3bn.

The performance comes as underlying LFL sales rose 0.9% and YTD driven by a strong UK performance with continued market share growth leading to total sales of £1.65bn and LFL sales growth of 3%.

Kingfisher said its UK performance helped offset subdued consumer demand in France and Poland as LFL sales fell 2.5% and 1.3% respectively.

In the UK B&Q reported volume- and transaction-led like-for-like (LFL) growth across all categories, with market share gains driven by strategic initiatives and the impact of Homebase store closures.

E-commerce sales rose 19.4% in the quarter, reaching 16.5% of total sales, while marketplace gross merchandise value increased 43.4% as the retailer expanded cross-border vendor onboarding and the rollout of marketplace Click and Collect.

Tradepoint, B&Q’s trade-focused banner, delivered LFL sales growth of 3.7% as it deepened engagement with trade customers. Screwfix also recorded volume- and transaction-led LFL growth, supported by a strong start to the peak September to November period and aided by market share gains following the launch of its new loyalty programme and the opening of six stores.

Thierry Garnier, Chief Executive Officer, said: “We delivered another quarter of high quality, volume-led growth, driven by our Group strategic initiatives in ecommerce and trade and by our performance in core and ‘big-ticket’ categories. B&Q, Screwfix and Iberia continue to strongly outperform their markets. Our performance to date and progress in our strategic initiatives give us the confidence to upgrade our full year profit guidance.

“As we look ahead, we are committed to driving shareholder returns through the consistent execution of our strategic priorities and by being disciplined on margin and costs.”