Profit at DIY retailer Kingfisher drops 20% with further fall expected
Published date | 21 March 2023 |
Sales fell 0.7 per cent on a constant currency basis to £13.06 billion, with like-for-like sales down 2.1 per cent.
More people discovered or rediscovered do-it-yourself (DIY) during the Covid-19 crisis as they spent more time at home, had fewer leisure options and travelled less. In 2022 higher interest rates, inflation and higher energy bills put a squeeze on consumer spending both in the UK and Europe.
DIY sales continue to be supported by the working from home trend and customer investment in energy saving products.
Kingfisher, whose shares are up 16 per cent so far in 2023, said on Tuesday it was comfortable with analysts' average forecast for adjusted pretax profit in 2023-24 of £633 million.
The group said it was seeing resilient underlying sales trends in its new financial year, with...
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