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Kingfisher has revealed its post tax profits fell 44% to £471m for the full-year period ended 31 January 2023.
The company posted sales of £1.30bn, down 0.9% from the £1.32bn it posted the previous year.
It also posted gross profits of £4.8bn down 2.8% from £4.9bn last year and operating profits of £723m down from £1.1bn.
Furthermore, its retail profits also fell 19.7% from £1.1bn to £923m.
Thierry Garnier, CEO, said: “Across all our markets, sales have remained resilient in both DIY and DIFM/trade channels, with like-for-like sales 15.6% ahead of pre-pandemic levels. We have maintained a sharp focus on pricing to deliver value to our customers during this challenging period for household finances, while at the same time managing our cost inflation pressures effectively.
“Strong supply chain management has ensured good product availability and a firm grip on our inventories.We continue to execute our strategy at pace and invest in our multiple growth opportunities. We are proud of the progress our teams have made during the year, and since the start of our ‘Powered by Kingfisher’ strategy.”
He added: “Our e-commerce sales have increased by 146% over the last three years and we have enhanced our online proposition with the launch of marketplace offerings in the UK, Spain and Portugal, which are all performing strongly.”
Looking ahead, the company said it has started FY23 with a 1.9% increase in sales and as such its current guidance for the full year remains unchanged.
