Kingfisher FY Pre-tax Profit Declines; LFL Sales Down 1.5% - Quick Facts

Kingfisher Plc (KGF.L) reported statutory pre-tax profit of 103 million pounds for year ended 31 January 2020, down 65.7% from prior year. Earnings per share was 0.4 pence compared to 9.0 pence. Adjusted pre-tax profit was 544 million pounds, down 5.2%. Adjusted earnings per share was 19.0 pence compared to 19.7 pence.

Fiscal year sales were 11.51 billion pounds, a decline of 1.5%. Sales were down 0.8% in constant currency. LFL sales were down 1.5% with growth at Screwfix, Poland and Romania offset by weaker sales at B&Q, France, Russia and Iberia.

Kingfisher stated that, currently, nearly all of the Group's stores are open for in-store purchasing. For the full month of May, LFL sales were up 14.3%. Year to date May LFL sales were down 14.0%.

Kingfisher said, a Covid-19 worst case scenario would result in approximately 1 billion pounds lower sales over the 12 month going concern period compared to a similar 12 month period of the budget for 2020/21. This Covid-19 worst case scenario assumes a return of stricter confinement rules following a period of easing, followed by a prolonged period to return to normal trading levels.

As at 12 June 2020, the Group had access to over 3 billion pounds in total liquidity, including cash and cash equivalents of approximately 2 billion pounds, and access to over 1 billion pounds of funding under the RCFs.

The Board will not propose a final dividend in relation to fiscal 19/20.

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