Kingfisher has said it posted a resilient trading performance in its third quarter with total sales up 1.7% at constant currency to £3.3 billion and like-for-like sales rising by 0.2%.
In the three months to 31 October, sales were significantly ahead of pre-pandemic levels with a like-for-like uplift of 15.3% on three years ago. The group said DIY sales were supported by strong demand for energy efficient products.
However, like-for-like sales in the UK and Ireland fell by 2.3% year-on-year after third quarter trading was adversely impacted by the abnormally warmer weather in October and Her Majesty the Queen’s funeral in September.
B&Q’s like-for-likes were down 3.5% in the quarter compared to last year but up 13.1% on a three-year basis.
Meanwhile Screwfix sales edged down 0.5% on last year but rose by 12.4% compared to pre-pandemic levels.
Looking at Kingfisher’s international businesses, like-for-like sales in France, where Kingfisher operates the Castorama and Brico Dépôtt brands, rose by 0.5% year-on-year. In addition, sales in Poland, Iberia and Romania increased by 7.6%, 3.4% and 4.2% respectively in the period,
Kingfisher said it has made a good start to fourth quarter trading with a like-for-like uplift of 2.8% for the three weeks to 19 November. The group said it is expecting its full year adjusted pre-tax profit to be in the range of circa £730 million to £760 million compared to a previous guidance of around £770 million. This is due higher wage and energy costs and the group’s investment in Screwfix France store openings.
