Kingfisher has held its full-year profit guidance despite a dip in first-quarter underlying sales, as a soft home improvement market and a late start to spring weighed on demand at B&Q.
The B&Q and Screwfix owner reported a 0.7 per cent fall in underlying like-for-like sales for the quarter to 30 April, against what it described as a strong prior-year comparison.
Total group sales, excluding Romania, reached £3.3bn, up 1.4 per cent on a reported basis. However, like-for-like sales slipped 0.9 per cent, or 0.7 per cent when excluding calendar impact.
Kingfisher said core categories had remained resilient, but footfall and seasonal demand were hit by the delayed arrival of spring.
The FTSE 100 retailer, which also owns Castorama and Brico Dépôt in France, said it remained on track to deliver adjusted pre-tax profit of between £565m and £625m for the full year.
It also expects free cash flow of between £450m and £510m, while its £300m share buyback programme remains ongoing.
Kingfisher chief executive Thierry Garnier said: “We delivered a resilient start to the year, executing well and gaining market share against a soft market backdrop.
“Sales including marketplace grew 0.8 per cent, with core categories proving resilient, even as a late start to spring impacted footfall and seasonal demand.
“Ecommerce and trade sales both delivered double-digit growth, underlining the momentum in our key growth drivers.”
Garnier added that while the business remained mindful of the consumer environment, it was focused on delivering its strategy, managing gross margin and costs, and maintaining shareholder returns.
“We are confident in achieving our full-year guidance and are well positioned to capitalise on the attractive long-term growth opportunities across our markets,” he said.
In the UK and Ireland, B&Q sales fell 3.1 per cent on a constant currency basis to £1.02bn, while like-for-like sales were down 4.1 per cent.
Kingfisher said B&Q had been more exposed to the seasonal slowdown, with poor spring weather affecting footfall, outdoor demand and related core category purchases.
Big-ticket sales also reflected a softer bathroom market, although this was partly offset by strength in new kitchen ranges.
B&Q’s ecommerce sales rose 16 per cent, while marketplace gross merchandise value climbed 29 per cent. Online now accounts for 19 per cent of B&Q sales.
Screwfix delivered a stronger performance, with sales up 5.4 per cent on a constant currency basis to £712m and like-for-like sales rising 4.1 per cent.
Kingfisher said Screwfix had made “significant” market share gains, driven by volume and transactions, with its app-based rewards programme, Screwfix Sprint and Click & Collect helping to boost performance.
Across the wider group, trade sales grew 17 per cent excluding Screwfix, with trade now making up 31 per cent of sales.
Ecommerce sales rose 14 per cent excluding Screwfix, taking group online penetration to 22 per cent. Marketplace gross merchandise value jumped 39 per cent to £163m.
Kingfisher opened five stores during the quarter, including its first standalone TradePoint, aimed at trade customers working in dense urban areas.
In France, Castorama like-for-like sales fell 1.1 per cent, marking a third consecutive quarter of sequential improvement. Brico Dépôt sales dropped 3.1 per cent on a like-for-like basis, with big-ticket categories affected by subdued project spending.
Poland outperformed its market, with like-for-like sales down just 0.2 per cent. Core sales rose 2 per cent, while ecommerce and trade sales increased 41 per cent and 13 per cent respectively.
Iberia was one of the strongest performers, with like-for-like sales up 6.6 per cent, led by core and seasonal categories. Screwfix France also continued to grow, with store like-for-like sales up 55 per cent.
Across the group, core categories rose 0.8 per cent on an underlying basis, while big-ticket sales fell 4.2 per cent and seasonal sales dropped 2.8 per cent.
Kingfisher said the subdued big-ticket market was particularly evident in bathrooms, although kitchen sales at B&Q and in Poland benefited from recent range reviews. Bathroom range reviews are planned for 2026.
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