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DIY retailer Kingfisher said it saw continued gains in market share during the third quarter and noted a ‘good start’ to the fourth quarter.
The London-based company said sales in the three months ending October 31 were up 0.6% year-on-year to £3.26 billion, with like-for-like sales 15% ahead of their pre-pandemic level in the quarter.
In UK & Ireland, sales amounted to £1.55 billion during the quarter, up 0.1% year-on-year. In France, sales were £1.10 billion, down 1.2% year-on-year. Sales in Other International were £621 million, up 5.1% year-on-year.
Chief Executive Officer Thierry Garnier said: ‘While the market backdrop remains challenging, DIY sales continue to be supported by new industry trends such as more working from home and a clear step-up in customer investment in energy saving and efficiency. While we continue to be vigilant against macroeconomic uncertainty, we remain confident in both the resilience of our industry and in continuing to grow ahead of our markets.’
Looking ahead, Kingfisher said it expects annual adjusted pretax profit between £730 million to £760 million, which is down from a previous estimate of around £770 million.
The fourth quarter has started well, Kingfisher said, with like-for-like sales in the three weeks to November 18 up 2.8% year-on-year.
In November, Kingfisher said sales in the six months that ended July 31 totalled £6.81 billion, down 4.1% from £7.10 billion a year prior, which it noted was comparably strong. Pretax profit fell 30% year-on-year to £474 million from £677 million.
Shares were down 1.7% at 249.30 pence each on Thursday morning in London.
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