Kingfisher PLC says profits likely to be at top end of forecasts

() has said its full-year profits are likely to be at the high end of expectations after sales continued to be strong over the festive period and into the new year.

The group’s B&Q and Screwfix stores, which have been among those given essential status during the coronavirus (COVID-19) lockdowns and have thrived as people are forced to pay more attention to their homes, grew like-for-like (LFL) sales by 22.1% in December last year compared to 11.4% in November.

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Overall, for the fourth quarter of the group’s financial year to January 31, 2021, Kingfisher’s LFL sales have so far risen by 16.9%, with online sales growth of over 150%.

Its 1,380 stores in the UK, France, Poland, Romania and Spain are all open for in-store purchasing and click & collect, though the new lockdown restrictions in the UK and Ireland have resulted in the shutting of some areas of certain B&Q stores.

Based on trading to date, the FTSE 100-listed firm’s directors said they are “comfortable with the top end” of analyst estimates for adjusted profit before tax, with the current range being £667mln to £742mln.

In the trading statement, Thierry Garnier, Kingfisher’s chief executive officer, said: “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.”