Kingfisher has posted a drop in annual profit as customers cut back on home improvement spending during the cost-of-living crisis.
In the year to 31 January 2023, the owner of B&Q and Screwfix saw its adjusted pre-tax profit decline by 20.2% to £758 million, although sales edged up 0.7% on a constant currency basis to £13.06 billion. Meanwhile like-for sales were up 15.6% on pre-pandemic levels but down 2.1% year-on-year.
Giving an update on current trading, Kingfisher said like-for-like sales edged up 0.5% in February following a good performance in the UK and Ireland and resilient sales in big ticket categories.
