Kingfisher sales have slipped across several markets offset by strength in core categories

Sales across the company declined 2.4% on a like-for-like basis to £6.75bn in the six months to July 31. Profit also edged down 0.2% on a constant currency basis to £2.48bn.

Both the UK and Ireland and Poland saw like-for-like sales dip 0.2%, with the group adding both were “resilient despite weather-impacted seasonal sales.” Sales in France fell 7.2% to be in line with the market.

Kingfisher added that there were “resilient core category sales”, falling just 1.1%, and “weak big-ticket sales” –dropping 6.8%.

B&Q sales saw a 1% fall in sales while Screwfix sales increased 1.2%. Both recorded positive sales in core categories.

In France, Castorama and Brico Dépôt recorded 7.7% and 6.8% drops in sales respectively.

Iberia and Romania were the only markets with positive sales, with a growth of 2.3% and 1.5% respectively.

Ecommerce sales grew 8.4%, driven by growth in the UK and Ireland. 

Forecasted profit before tax has been tightened from its previous £490m to £550m range to £510m to £550m, with Kingfisher adding: “The adjustment to the lower end of the range primarily reflects the benefit of £25m of business rates refunds at B&Q in H1.”

Positioned for growth

Kingfisher chief executive Thierry Garnier said: “Trading overall in the first half was in line with our expectations. This was underpinned by customers continuing to repair, maintain and renovate their existing homes, driving resilient volume trends in our core product categories.

“As expected, demand for big-ticket categories has remained weak, in line with the broader market, while seasonal category sales trends have improved since early July. Against this backdrop we maintained a strong focus on effectively managing our costs and inventory.

“I am proud of the unwavering focus of our teams in executing against our strategic priorities, with two key highlights. First, our ecommerce sales penetration improved by 1.5 points to 18.3% and B&Q’s ecommerce marketplace reached a 40% share of its online sales. We have also successfully launched Castorama France’s marketplace, with Poland to follow in H2.

“Reflecting our performance in the first half and our current view of the trading environments in our markets, we have tightened our profit guidance and upgraded our free cash flow guidance for the year. We remain focused on continuing to manage our costs and cash effectively, and driving further market share gains by delivering on our key strategic priorities.

“With positive early signs of a housing market recovery, notably in the UK, Kingfisher is strongly positioned for growth in 2025 and beyond.”