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Kingfisher H1 Adj. Pre-tax Profit Rises; LFL Sales Down 1.8% - Quick Facts

Kingfisher plc (KGF.L) reported that its adjusted pre-tax profit was up 3.7 percent for the 6 months ended 31 July 2019, reflecting lower transformation P&L costs. Like-for-like sales were down 1.8 percent with growth in Screwfix, Poland and Romania offset by B&Q and France. Looking forward, Kingfisher said the outlook across its main markets for the rest of the year remains mixed, with the UK facing ongoing uncertainty. For fiscal 19/20, gross margin percentage guidance is unchanged. Kingfisher also announced that Thierry Garnier will join as CEO on 25 September.

For the first-half, statutory pre-tax profit which includes the impact of transformation P&L costs and exceptional items declined 12.5 percent year-on-year to 245 million pounds. Earnings per share was 8.1 pence compared to 9.6 pence. Underlying pre-tax profit, which excludes the impact of transformation P&L costs and exceptional items, declined by 6.4 percent, to 353 million pounds. Underlying earnings per share was 12.3 pence compared to 12.7 pence. Adjusted pre-tax profit increased by 3.7 percent to 337 million pounds. Adjusted earnings per share was 11.8 pence compared to 11.0 pence.

First-half sales were 6.00 billion pounds compared to 6.08 billion pounds, previous year. On a reported rate basis, which includes the impact of exchange rates, sales decreased by 1.4%. Total sales were down 0.9% in constant currency.

The Board has declared an interim dividend of 3.33 pence, flat on last year. The interim dividend will be paid on 8 November 2019 to shareholders on the register at close of business on 4 October 2019.

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