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Kingfisher Continues To Experience Strong Demand In Q4

B&Q social distancing.JPG

Kingfisher plc is today providing an update on Q4 trading to date.

Q4 trading to 9 January

As announced on 19 November 2020, Kingfisher’s Q3 20/21 Group LFL(1) sales were up 17.4%, while Q4 20/21 Group LFL sales (to 14 November) (2) were up 12.6%.

Since then, Kingfisher has continued to experience strong demand across its markets with Q4 20/21 Group LFL sales (to 9 January 2021) (3) up 16.9%. Financial year to date (1 February 2020 to 9 January 2021), Group LFL sales are up 6.5%.

Based on trading to date, the Group is comfortable with the top end of the range of current sell-side analyst estimates(4) for FY 20/21 adjusted profit before tax.

Operational status

While our c.1,380 stores remain open for in-store purchasing and click & collect, under strict social distancing and safety protocols, recent restrictions imposed within the United Kingdom and Republic of Ireland mean that some discrete areas of certain B&Q stores have been temporarily closed. 

LFL sales by month in Q4 (to date)

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Overall, Q4 20/21 Group LFL sales (to 9 January 2021) are up 16.9%, supported by ecommerce sales growth of over 150%.

The slower growth in November, relative to Q3 and December, largely reflects the impact in France of a negative calendar effect year on year (c.-5% impact on LFL sales), the closure of certain ranges within stores during the November lockdown, and the less favourable trend for trade-oriented business versus general home improvement, due to the stringent restrictions in France.

Sales growth in December accelerated, helped by significantly stronger growth in France (in both Castorama France and Brico Dépôt) post the November lockdown. The UK & Ireland continued to perform strongly in December, with growth at Screwfix accelerating from November. Screwfix is on track to reach £2 billion of total sales in FY 20/21.

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Thierry Garnier, Chief Executive Officer, said:

“The safety of our customers and teams remains our first priority while we fulfil the essential needs of our customers. We will continue to support our colleagues during these most difficult times, and I want to express my sincere appreciation for all our teams as they continue to operate in such a challenging environment.

“While the strength of our Q4 trading, to date, is reassuring, uncertainty over COVID-19 and the impact of lockdown restrictions in most of our markets continue to limit our visibility. Longer term, we are confident that the strategic and operational actions we are taking are building a strong foundation for sustainable long-term growth. We also believe that the renewed focus on homes is supportive for our markets.

“We look forward to providing a more detailed update within our FY 20/21 results on 22 March 2021. In the meantime, I wish you all a happy and safe New Year.”

Source : Kingfisher PLC

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12 January 2021

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