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Kingfisher lifts profit outlook on strong demand
StockMarketWire.com
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Home improvement retailer Kingfisher upgraded its outlook on first-half and annual profit after reporting a jump in sales in the first quarter of the year as strong demand continued.
The company now expected mid-to-high teens group like-for-like sales growth in H1 21/22, previously 'low double-digit, and anticipate a higher H1 adjusted pre-tax profit, in the range of £580 to 600 million.
For the full-year, adjusted pre-tax profit - excluding £85 million of non-recurring net cost savings in FY 20/21 - was expected ahead of sales, compared with previous guidance for in line with sales.
The upbeat outlook arrived on the back of stronger first quarter results, with sales up 60% to £3.4 billion, reflecting 'strong demand in all categories,' the company said.
E-commerce sales were up 63% in the quarter and now made up about 21% of group sales up from 18% last year.
Q2 like for like sales up to 15 May 2021 was up 8.2%.
Story provided by StockMarketWire.com
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