Kingfisher H1 Adj. Pretax Profit Rises; LFL Sales Up 22.8% - Quick Facts

Kingfisher plc (KGF.L) said its first-half adjusted pre-tax profit rose 61.6%, reflecting higher retail profit and lower net finance costs. Retail profit improved 45.1% in constant currency, driven by strong UK & Ireland profit growth and France profit growth of over 100%. First-half sales were up 22.2% in constant currency, driven by strong demand for home improvement across retail and trade channels. Like-for-like sales were up 22.8%, for the period.

For the half year ended 31 July 2021, pretax profit was 677 million pounds compared to 398 million pounds, prior year. Earnings per share increased to 26.2 pence from 15.0 pence. Adjusted pretax profit increased to 669 million pounds from 415 million pounds, previous year. Adjusted earnings per share was 24.7 pence compared to 15.0 pence.

First half sales were 7.10 billion pounds compared to 5.92 billion pounds, last year. 2-year like-for-like sales were up 21.3%.

For fiscal 21/22, the Group projects: adjusted pre-tax profit in the range of approximately 910 million pounds to 950 million pounds. For the second-half, the Group increased its like-for-like sales expectations, and now projects a decline in a range of 7% to 3% (previously a decline in a range of 15% to 5%).

Also, the Group reported that its third quarter has started positively, with like-for-like sales for the period from 1 August 2021 to 18 September down 0.6% and the corresponding 2-year LFL up 16.1%.

The Board has declared an interim dividend of 3.80 pence per share, up 38%. The Board also announced the return of 300 million pounds of surplus capital via a share buyback programme.

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