Kingfisher FY23 – 21/03 – has seen some decent gains since the 2-year lows back in October, hitting 10-month highs at the beginning of February. In Q3 total group, like-for-like sales rose 0.6%, with the key areas of growth being its international markets of Poland, Romania, and Iberia. The UK business saw an increase of 0.1%, with Screwfix showing strong growth of 4.9%, helping to offset a weak performance in the B&Q business.
The UK business was impacted by the warmer weather in October as well as the extra bank holiday in September. As far as its Q4 business was concerned, November saw a pickup, with like-for-like sales up 2.8%, with the company keeping its full-year profits guidance of £730m to £760m unchanged. As we look towards this week's full year numbers, revenues are expected to come out ahead of last year at £12.9bn, however, costs are likely to be higher, with guidance for 2023 set to be key.