B&Q owner Kingfisher has reported better-than-expected profits as demand for DIY remains resilient despite the cost of living crisis. The retailer launched a £300m share buyback, citing confidence in its outlook.
In a trading update, Kingfisher said like-for-like sales in the February to April quarter were 16% above the same period in 2019 at £3.2bn, although they dropped 5.8% compared to the pandemic boom in 2021. UK and Ireland sales fell 14% year-on-year but were up nearly 17% on 2019 levels.
Chief executive Thierry Garnier said the company had retained a “significant proportion” of the sales increase seen during the pandemic. He added that Kingfisher is “managing inflationary and supply chain pressures” effectively, with product availability now close to normal levels.
Kingfisher left its full-year profit guidance unchanged at £770m. The company expects DIY demand to remain resilient despite rising energy costs and consumer spending pressures, noting that “home improvement is not a bad place to be in a crisis”.
