Kingfisher Plc H1 Adj. Pretax Profit Declines; LFL Sales Down 4.1%

Kingfisher plc (KGF.L) said its first half performance was in line with expectations with total sales declining 2.8% in constant currency and like-for-like sales down 4.1% from prior year. The Group noted that its like-for-like sales were 16.6% ahead of pre-pandemic levels with a sequential improvement from first quarter to second quarter.

Thierry Garnier, CEO, said: “Looking to the months ahead, although trading in the year to date has been in line with our expectations, we remain vigilant against the more uncertain economic outlook for the second half.”

First half adjusted pre-tax profit declined 29.5% to 472 million pounds. Adjusted earnings per share was 18.0 pence compared to 24.7 pence.

Statutory pre-tax profit declined 30.0% to 474 million pounds. Earnings per share was 18.3 pence compared to 26.2 pence. Sales were 6.81 billion pounds compared to 7.10 billion pounds, last year.

The Group said its first-half performance and current trading in third quarter are consistent with its fiscal 22/23 adjusted pre-tax profit guidance of approximately 770 million pounds. The Group noted that, for the balance of year, it has run several trading scenarios to take into account the potential for a more uncertain macroeconomic environment. These point towards a range of outcomes for fiscal 22/23 adjusted pre-tax profit of approximately 730 million pounds to 770 million pounds.

The Board has declared an interim dividend of 3.80 pence per share, flat versus the first half of 21/22 interim dividend. The interim dividend will be paid on 11 November 2022 to shareholders on the register at close of business on 7 October 2022.

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