London (Reuters) – The Kingfisher title drops on the stock market on Wednesday despite an increase of 1.8% of its sales at stores comparable in the first quarter, the results were not up to the strong expectations of investors.
The rise in quarterly sales of the group was notably carried by a strong performance in Great Britain and good weather conditions, but weighed down by a persistent weakness in France.
The owner of Castorama and Brico Depot also declared to maintain his forecast for a profit before the tax adjusted for 2025/26, between 480 and 540 million pounds (between 571.94 and 643.44 million euros), against 528 million pounds in 2024/25.
On the London Stock Exchange, around 9:00 am GMT, the title lost almost 3%.
“Kingfisher’s development is mixed with the expectations that had been revised upwards before the event,” said JPMorgan analysts in a note, adding that investors could be disappointed by the lack of improvement in the benefit before taxes.
Due to the seasonal trend and good weather, a strong performance was expected of investors, they specify
According to Jefferies analysts, in a globally positive note, the lack of improvement in annual perspectives could disappoint.
Investc analysts describe a “mixed” publication, weighed down by the weakness of the French and Polish markets.
Kingfisher reported sales on a constant increase in 5.9% in the United Kingdom and Ireland during the quarter, but down 3.2% in France and Poland.
However, the group said it has won market share in all these areas.
“Our British brands have behaved particularly well, thanks to high seasonal sales and the growth of trade and e-commerce,” said Thierry Garnier, managing director.
Sunny weather has also stimulated British retail sales in April, show figures published last week which suggest that consumers could be a positive point from dull economic perspectives.
In France, data show that consumer confidence has reached its lowest level for five months this month, while concerns about the economy and unemployment increases.
(Written by James Davey; Etienne Breban and Augustin Turpin; edited by Kate Entringer)
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