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Kingfisher Raises Profit Forecast After Strong Half-Year Results
The FTSE 100 retailer cited market share gains and strong Screwfix sales as it lifted guidance to £595 million to £635 million.
- On Tuesday, European home improvement retailer Kingfisher raised its full-year profit forecast, citing consistent delivery and strategic progress despite a mixed consumer environment.
- Kingfisher reported a 9.9% rise in underlying pre-tax profits to £404 million for the six months to July 31, bolstered by a one-off £14 million business rates refund.
- Sales of big-ticket items plunged 8.1% in the second quarter, while Screwfix posted a 7.1% jump in revenues during the same period.
- Shares in the FTSE-100 listed group jumped 8.8% following the announcement, extending gains over the last year to 32% as CEO Thierry Garnier remains in place during the succession search.
- Analysts at RBC Europe see potential for DIY trends to be "fairly resilient," though higher energy costs linked to the conflict in Iran and sluggish housing markets pose headwinds.
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Coverage Details
Total News Sources17
Leaning Left3Leaning Right0Center6Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 33%
C 67%
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