B&Q owner targets full-year profit at top end of forecast range

Kingfisher said it made a good start to its fourth quarter, with like-for-like sales to November 13 up 0.4% year-on-year and up 13.2% on a two-year basis. File Picture: Collins

B&Q owner Kingfisher has forecast full-year profit towards the higher end of the £910m-£950m (€1.08bn-€1.1bn) range previously guided after reporting strong third-quarter sales on a two-year basis.

The DIY and home improvement retail group, which owns B&Q and Screwfix in Ireland and the UK, and Castorama and Brico Depot in France and other markets - said like-for-like sales fell 2.4% in the three months to the end of October against high numbers a year ago when it benefited from soaring demand during the pandemic.

But like-for-like sales on a two-year basis were up 15%.

Kingfisher said it made a good start to its fourth quarter, with like-for-like sales to November 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.

Retailers are battling supply chain disruptions and labour shortages.

However, Mr 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.

- Reuters