Kingfisher shares slump as Q3 sales fall

Shares in DIY retailer Kingfisher (LSE: KGF) plunged 6.6% on Wednesday after the company reported a 2.1% drop in third-quarter sales to £3.24 billion and trimmed its full-year profit forecast.

The FTSE 100 listed company said sales grew 3.3% in the UK and Ireland but tumbled 8.7% in France and 3.7% in other international markets. It blamed the French decline on a weak retail climate and unusually warm weather delaying demand for insulation and heating products.

Kingfisher now expects 2022/23 adjusted pretax profit of around £560 million, sharply below last year’s £758 million.

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Kingfisher shares are down 10% year-to-date and 14% year-over-year. Chief Executive Thierry Garnier said the focus remains on gaining UK, French and Polish market share. He retains a positive long-term view on home improvement growth.

About The Company

Kingfisher is a British multinational retailing company headquartered in London. It has over 1,300 stores in nine countries, and its brands include B&Q, Castorama, Brico Dépôt and Screwfix.