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LONDON, Nov 19 (Reuters) - British home improvement retailer
Kingfisher forecast full-year profit towards the higher
end of the 910-950 million pounds ($1.23-$1.28 billion) range
previously guided after reporting strong third-quarter sales on
a two-year basis.
The group, which owns B&Q and Screwfix in the United Kingdom
and Castorama and Brico Depot in France and other markets, said
like-for-like sales fell 2.4% in the three months to Oct. 31
against high numbers a year ago when it benefited from soaring
demand during the COVID-19 pandemic.
But like-for-like sales on a two-year basis were up 15.0%.
Kingfisher said it made a good start to its fourth quarter,
with like-for-like sales to Nov. 13 up 0.4% year-on-year and up
13.2% on a two-year basis.
It said it was seeing strong growth across both retail and
trade channels, and across all product categories.
"Demand remains supported by what we believe are enduring
new industry trends, including more working from home," said CEO
Thierry Garnier.
British retailers are battling supply chain disruptions and
labour shortages.
However, Garnier said that since the start of this year
Kingfisher had maintained, and in many cases improved, its
product availability.
"We have also continued to manage inflation pressures
effectively, while retaining highly competitive pricing," he
said.
Kingfisher forecast second-half like-for-like sales towards
the higher end of its previously guided range of down 7% to down
3% and up 9% to 13% on a two-year basis.
($1 = 0.7410 pounds)
(Reporting by James Davey; editing by Guy Faulconbridge and
Paul Sandle)
Kingfisher (KGF)
