(AOF) – Kingfisher fell 1.40% to 260.40 pence on the London stock exchange. The DIY store group, owner of the Castorama and Brico Dépôt brands in France, recorded sales of 3.26 billion pounds during its first quarter, down 0.3% compared to last year. same period. Its second quarter resulted in sales down 2.5% on a like-for-like basis in the three weeks ending May 18.
According to UBS, “the sales trajectory is stabilizing as we approach the key summer sales period.” And the broker added: “With Kingfisher shares up 11% since the start of the year, we think buyers are more willing to take risks.”
A struggling French market
The group announced at the end of March a “profitability plan” to improve the performance of Castorama in France, a market where its sales fell by 5.9% last year, and by 8.1% in the first quarter. .
Kingfisher confirms its objectives for the 2024-2025 financial year and forecasts an adjusted net profit before tax to fall again, “between approximately 490 and 550 million pounds sterling”, compared to 568 million over the last financial year.
The British company has some 2,000 stores across eight countries, mainly in the United Kingdom, Ireland, France and Poland.
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