Kingfisher has released its Q1 trading update, indicating a good start to the year and reiterating its full year guidance.
Q1 sales for the group amount to £3.3bn with total sales up 2.2%, including a drop of 0.9% calendar impact. Underlying total sales growth of +3.1%. There was like-for-like (LFL) sales growth of +1.8% with underlying growth of +2.7%.
Volume and transaction growth driven by seasonal categories, which had a positive mix impact on average selling price. Retail price inflation was flat.
The group had continued market share gains in the UK & Ireland, France and Poland. While E-commerce sales growth of 9.3%, with e-commerce sales penetration reaching 20%.
Kingfisher is reiterating its full year guidance and expect FY 25/26 adjusted PBT of c.£480m to £540m and free cash flow of c.£420m to £480m.
Thierry Garnier, Chief Executive Officer, said: “We have made a good start to the year with underlying sales growth of 3.1%, market share gains in all key regions and further progress in our strategic priorities. Our UK banners performed particularly well, driven by strong seasonal sales and growth in trade and e-commerce. We have successfully completed the conversion of eight former Homebase stores, all of which will be operating under the B&Q banner by the end of May. France delivered sequential improvement, outperforming challenging market conditions, while Poland, as expected, experienced short-term volatility due to geopolitical factors. It is still early in the year and consumer sentiment remains mixed across our markets. We are focused on executing our strategic growth priorities, maintaining discipline on margin and costs, and driving shareholder returns. We are confident in delivering our full year guidance.”
