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Kingfisher plc releases trading update

Published: 15 July 2021 - Neil Mead
 

Kingfisher plc has provided an update on Q2 trading to date and is raising its guidance for H1 21/22 LFL sales and adjusted pre-tax profit.

Key points

  • Continuing to make significant progress against ‘Powered by Kingfisher’ strategic priorities, driving share growth in key markets

  • High levels of demand from both new and existing customers continue, across retail and trade

  • Q2 21/22 LFL(1) sales (to 10 July)(2) down 1.3%, with corresponding 2-year LFL(3) up 22.3%

    • Strong 2-year growth across all banners

    • Transaction volume and average basket value both up on a 2-year basis

  • E-commerce sales growth continues to be strong, with 2-year growth in Q2 21/22 (to 10 July) of 188%

  • Raising H1 21/22 LFL sales outlook to around 22% (previous guidance ‘mid-to-high teens’)

  • Anticipate H1 adjusted pre-tax profit to be ahead of our previous expectations, in the range of c.£645 million to £660 million (previous guidance ‘c.£580 million to £600 million’)

Thierry Garnier, Chief Executive Officer, said: “Kingfisher’s performance in the second quarter to date has been ahead of expectations, with positive progress against our strategic priorities continuing to drive share growth in our key markets.

“With very strong comparatives from the previous year, we are pleased to see growth being delivered on a 2-year basis across all categories and channels, with e-commerce sales in particular nearly three times higher than the same period in 2019.

“I am grateful to all our colleagues for their continuous hard work and customer service, enabling our banners to trade safely and to remain well stocked despite the industry-wide supply chain challenges.

“With the strong performance in the quarter to date, we now anticipate first half sales and adjusted pre-tax profit to be ahead of our previous expectations. We continue to be encouraged by the supportive long-term trends for our industry and are confident of continued outperformance of our wider markets. We look forward to providing a detailed update on the ‘Powered by Kingfisher’ strategy, our performance and full year outlook at our interim results on 21 September.”

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