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LONDON (Reuters) – British DIY store group Kingfisher reported resilient third-quarter business on Thursday, helped by strong demand for energy-efficient products as consumers look to cut their energy bills.
Kingfisher, which notably owns Castorama and Brico Dépôt in France, saw its turnover increase by 1.7% at constant exchange rates to reach 3.3 billion pounds (3.84 billion euros) during the quarter ending October 31.
The group also said it got off to a good start for the fourth quarter, with comparable sales up 2.8% for the three weeks to November 19.
“Despite an environment that remains difficult, our sales in the ‘Do It Yourself’ segment continue to be driven by new trends in our sector, such as the development of telework and the acceleration of investments by our customers in energy renovation”, said CEO Thierry Garnier.
On the London Stock Exchange, the Kingfisher title fell more than 2% on Thursday afternoon, however, as investors were surprised by the slight downward revision of the upper range of the group’s annual profit forecast.
Kingfisher now expects adjusted pre-tax profit of £730-760 million for the financial year ending January 2023, up from £730-770 million previously.
(Report James Davey; French version Diana Mandiá, edited by Blandine Hénault)
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