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Kingfisher Q3 Sales Edges Up, Says Good Trading Momentum In Q4; Cuts FY23 Adj. Profit View

(RTTNews) - Home improvement retailer Kingfisher plc (KGF.L) reported Thursday that its third-quarter sales were 3.26 billion pounds, a 0.6 percent increase from last year on a reported basis, while the growth was 1.7 percent at constant currency rates.

Looking ahead for fiscal 2023, the company now expects adjusted pre-tax profit in the range of about 730 million pounds to 760 million pounds. The company previously expected 770 million pounds.

In its trading update for the third quarter, Kingfisher said total sales on a like-for-like basis edged up 0.2 percent. Meanwhile, sales were significantly ahead of pre-pandemic performance, with LFL sales on a 3 year basis up 15.3 percent, supported by continued market share gains.

In the UK & Ireland, total sales were 1.55 billion pounds, up 0.1 percent on a reported basis, while LFL sales were down 2.3 percent. Trading in the quarter was adversely impacted by the abnormally warmer weather in October. Store closures across the UK in relation to Her Majesty's funeral hurt UK & Ireland LFL sales in Q3 by 0.6 percent. The 3-year LFL sales in the region climbed 12.9 percent.

In France, total sales edged up 0.6 percent and LFL sales grew 0.5 percent. The 3-year LFL sales growth was 14.6 percent.
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