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(Alliance News) - 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 GBP3.26 billion, with like-for-like sales 15% ahead of their pre-pandemic level in the quarter.
In UK & Ireland, sales amounted to GBP1.55 billion during the quarter, up 0.1% year-on-year. In France, sales were GBP1.10 billion, down 1.2% year-on-year. Sales in Other International were GBP621 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 GBP730 million to GBP760 million, which is down from a previous estimate of around GBP770 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 GBP6.81 billion, down 4.1% from GBP7.10 billion a year prior, which it noted was comparably strong. Pretax profit fell 30% year-on-year to GBP474 million from GBP677 million.
Shares were down 1.7% at 249.30 pence each on Thursday morning in London.
By Xindi Wei; xindiwei@alliancenews.com
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