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Kingfisher releases Q2 pre-close update

Published: 22 July 2020 - Neil Mead
 

Kingfisher plc (‘Company’, ‘Group’ or ‘Kingfisher’) is today providing an update on Q2 trading ahead of its Half Year results for the period ending 31 July 2020.

Q2 trading to 18 July

As announced on 17 June 2020, Kingfisher’s Q2 20/21 Group LFL sales (to 13 June) were up 21.8% reflecting strong e-commerce growth and the phased reopening of stores in the UK and France from mid-April. Since then, Kingfisher has continued to experience strong demand across its markets, and Q2 20/21 Group LFL sales (to 18 July) are up 21.6%. Year to date (to 18 July), Group LFL sales are down 3.7%. Based on the strong sales seen to date in Q2, combined with cost reductions benefiting H1 (some of which are non-recurring), the Company anticipates its half year adjusted pre-tax profit to be ahead of prior year.

Outlook statement from Kingfisher...

“Our top priority remains ensuring the health and safety of our colleagues and customers, serving our markets as a retailer of essential goods, and protecting our business for the long term. The operational and financial actions we have taken, together with the strong demand for home improvement we are currently seeing, give us a sound footing in the current crisis and beyond.

“While we are entering the second half with a favourable trading backdrop, second half visibility remains low given uncertainty around COVID-19 and the wider economic outlook. As such, no specific financial guidance is provided for FY 20/21. We look forward to providing a more detailed update at the Half Year results on 22 September 2020.”

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