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LONDON, Sept 22 (Reuters) - Home improvement retailer
Kingfisher reported a 23.1% rise in first half profit,
driven by a strong sales recovery in its second quarter as
consumers took to do-it-yourself (DIY) and gardening projects
during the COVID-19 pandemic.
The group, which owns B&Q and Screwfix in Britain and
Castorama and Brico Depot in France and other markets, said on
Tuesday second quarter to July 31 like-for-like sales had
increased 19.5%.
"This recovery has continued into Q3 to date, with growth
across all banners and categories," said Chief Executive Thierry
Garnier.
"The crisis has prompted more people to rediscover their
homes and find pleasure in making them better. It is creating
new home improvement needs, as people seek new ways to use space
or adjust to working from home," he said.
Kingfisher made an adjusted pretax profit of 415 million
pounds ($531 million) in its first half - ahead of analysts'
expectations and up from 337 million pounds in the same period
last year. Total sales fell 1.3% to 5.92 billion pounds,
reflecting the impact of the virus in the first quarter when
stores were closed.
E-commerce sales soared 164% and now represent 19% of total
sales versus 7% in the same period last year.
"Looking forward, while the near term outlook is uncertain,
the longer term opportunity for Kingfisher is significant,"
added Garnier.
Shares in Kingfisher, up 22% so far this year, closed Monday
at 265 pence, valuing the business at 5.63 billion pounds.
($1 = 0.7813 pounds)
(Reporting by James Davey; editing by Sarah Young)
