(News Bulletin 247) – The British DIY store group Kingfisher announced better-than-expected annual profit on Tuesday, but reported a more mixed outlook for the new financial year.
The owner of the B&Q and Screwfix brands in the United Kingdom and which operates the Castorama and Brico Depôt brands in France, announced this morning that it had generated adjusted taxable profit of 758 million pounds for its fiscal year ended at the end of January, against 949 million a year earlier, a decrease of 20%.
For comparison, analysts on average had expected a result of 741 million pounds.
Its turnover fell by 0.9% on a reported basis, to 13.1 billion pounds, a decline of 2.1% at constant scope and exchange rates.
Following this performance in line with its objectives, Kingfisher said it was “comfortable” with the current analyst consensus for the 2023/2024 financial year, which started in early February.
The market average is currently targeting a taxable profit of around £633 million.
With regard to the month of February, its sales in published data increased by 1.9%, a figure reduced to +0.5% on a like-for-like basis, while the performance for the month of March should, for their part, suffer. unfavorable weather and an unflattering basis of comparison.
These comments led to a small penalty on the stock market with a decline in the title of 0.5% in the middle of the morning, one of the largest drops in a London FTSE 100 index up 1.4%.
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