B&Q and Screwfix owner Kingfisher posted a drop in full-year profit on Tuesday as sales dipped, with trade normalising following a boost from the pandemic, and said profits are expected to fall again this year.
In the year to the end of January 2023, adjusted pre-tax profit fell 20.2% to £758m, with sales down 0.9% to £13.1bn. Statutory pre-tax profit was 39.3% lower versus the previous year at £611m.
Kingfisher said its performance was in line with its expectations and guidance, and reflected strong prior year comparatives linked to high demand for home improvement products.
Chief executive Thierry Garnier said: “Across all our markets, sales have remained resilient in both DIY and DIFM/trade channels, with like-for-like sales 15.6% ahead of pre-pandemic levels.
“We have maintained a sharp focus on pricing to deliver value to our customers during this challenging period for household finances, while at the same time managing our cost inflation pressures effectively. Strong supply chain management has ensured good product availability and a firm grip on our inventories.”
Looking ahead, the company said it was “comfortable” with current consensus expectations for FY23/24 adjusted pre-tax profit of £633m.
