B&Q owner posts ‘resilient’ trading as supply issues ease

B&Q’s parent company Kingfisher has reported “resilient” trading as product availability improved following recent supply pressures.

The London-listed group, which also owns the Screwfix brand, said sales were in line with expectations after they dipped by 5.8% to £3.24 billion over the three months to April 30 against the same period last year.

This also represented a 16.2% like-for-like increase against pre-pandemic levels from 2019.

Kingfisher told shareholders it also saw an improvement in its sales decline over the first two weeks of May, edging 2.5% lower against sales from the same period last year.

The group highlighted that this has been driven by “resilient demand” across both its DIY and trade operations.

Adjusted pre-tax profits for the current year are therefore in line with previous guidance of roughly £770 million.

However, Kingfisher said it remains “mindful” of the heightened economic and geopolitical uncertainty which has emerged since the start of the year.

Thierry Garnier, chief executive officer of Kingfisher, said: “We continue to effectively manage inflationary and supply chain pressures.

“As a result, our product availability is now very close to ‘normal’ levels across all our banners, and we continue to deliver value for our customers through our own exclusive brands and competitive prices.

“Looking forward, we are reiterating our profit guidance for full year 2022-23.

“We are focused on delivering on our strategic objectives and growth initiatives, including the growth of our scalable ecommerce marketplace, the expansion of Screwfix in the UK and France, new store openings in Poland, and further increasing our trade customer base.”

Kingfisher also confirmed plans to hand a further £300 million back to shareholders in its latest share buyback programme.