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Kingfisher Reports 64% Rise in Q1 LFL Sales

 

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.

Key points

  • 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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