© Reuters
By Scott Kanowsky
Investing.com — Stocks in Kingfisher PLC (LON:) rose on Tuesday after the British home improvement retailer posted better-than-expected annual revenue and said its operations were “well positioned” in the current fiscal year.
The company behind DIY brands such as B&Q and Screwfix posted adjusted pre-tax profit of £758m for the 12 months to January 31, above Bloomberg consensus estimates of £741.6m. sterling pounds. The final figure fell a little more than 20% compared to the previous year, but the decline was mitigated by a recovery in the second half of e-commerce sales.
Chief Executive Officer Thierry Garnier said in a statement that comparable sales were also 15.6% above pre-pandemic levels, though he noted that input cost pressures and inflation-hit households dizzying had made the financial period 2022/2023 “challenging”. .”
“We remain confident in both the growth of our industry and our strategic priorities that support growth ahead of our markets,” Garnier added.
Looking ahead, Kingfisher is targeting further market share growth this year, along with new stores in the UK, France, Poland and the Middle East. However, he said he remained committed to managing operating expenses to “partially offset” higher personnel, technology and energy costs.
The group also intends to announce a new share buyback program following the completion of its existing share buybacks this year.
