// Kingfisher profits rise 61.6% and raises sales expectations
// Kingfisher made an adjusted pretax profit of £669m for the six months ended July 31
Kingfisher has reported a 61.6 per cent increase in its first-half profits after a DIY boom during the pandemic.
The group, which owns B&Q and Screwfix, raised its sales expectations for the second half.
Kingfisher made an adjusted pretax profit of £669 million for the six months ended July 31.
This beat guidance of £645 million to £660 million and was up from £415 million a year earlier.
Kingfisher’s sales rose 22.2 per cent on a constant currency basis to £7.1 billion, with like-for-like sales up 22.8 per cent and up 21.3 per cent on a two-year basis.
The retailer has been implementing its “Powered by Kingfisher” strategy, delivering “ahead of schedule”, including the roll out of more of its own brand products, mobile-led innovations, testing compact store formats, and progressing its responsible business plan.
Going forward, it has announced plans to open Screwfix stores in France, as well as invest in faster fulfillment options.
“We have navigated well through the challenging operational impacts of the pandemic, retaining good product availability at competitive prices and operating safely,” Kingfisher chief executive Thierry Garnier said.
The group said it had made a good start to its second half, with resilient demand across all markets.