Fabulous news for the DIY sector as Kingfisher sales continue to perform astonishingly well. LFL sales up 64.2% YoY in Q1 (Feb – April) and up 22.5% against two years ago (stores were closed for much of Q1 last year).
Kingfisher raised its profit predictions for 2021/2022 as its sales increased in almost all markets. The home and DIY giant reported total sales were up 61.9% in constant currency to £3.4bn.
Ecommerce sales were particularly strong – up 63% year on year – and 258% on a two-year basis. Online sales now account for 21% of the group’s total.
Kingfisher grew sales across all its markets except Poland, where stores have now begun to reopen following closures during the quarter.
Continuing to make significant progress against ‘Powered by Kingfisher’ strategic priorities
Growing sales ahead of the market in the UK and France
Total sales up 61.9% in constant currency at £3.4 billion, reflecting strong demand in all categories (against weak comparatives due to temporary store closures in the prior year)
LFL sales up 64.2% and corresponding 2-year LFL up 22.5%
Strong performance in the UK and France, despite COVID-related restrictions impacting French banners through most of the quarter
Poland impacted by COVID-related temporary store closures for five weeks, following a national lockdown announced in late March 2021
Transaction volume and average basket value both up
E-commerce sales up 63% (2-year growth up 258%); now 21% of Group sales (FY 20/21: 18%)
Q2 21/22 LFL sales (to 15 May 2021) up 8.2% (2-year LFL up 25.0%), reflecting continued strong demand
All Kingfisher stores now open, following temporary store closures in France and Poland
Raising H1 21/22 LFL sales outlook to ‘mid-to-high teens’ (from ‘low double-digit’)
Anticipate H1 adjusted pre-tax profit to be ahead of our previous expectations, in the range of c.£580 to 600 million
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