B&Q owner Kingfisher profits edged up in its half year despite a dip in sales, as big ticket demand remained “weak”.
At B&Q, big ticket sales plummeted 11.6% over the period.
Group sales dipped 1.8% as statutory pre-tax profit nudged up 2.3% to £324m in the six months to 31 July. In its current quarter, like-for-likes have dipped 0.3% to date.
UK like-for-likes dipped 0.2%, which the DIY giant said was resilient despite weather-impacted seasonal sales. In its French business like-for-likes plunged 7.2%.
The home improvement group said it had seen a recovery in seasonal sales since early July, but, as expected, big ticket sales remained weak with like-for-likes down 6.8% over the half.
Kingfisher chief executive Thierry Garnier said it had effectively managed its costs and inventory against this backdrop.
The group insisted it had won share in the UK over the period.
B&Q like-for-like sales fell 1%. However, it said it benefitted from strong ecommerce and TradePoint sales, which achieved strong 7.1% like-for-like growth and now represents 22% of B&Q’s sales. Marketplace sales at the banner reached 40% of its online sales over the period.
Screwfix sales edged up 1.2% over the half.
Kingfisher chief executive Thierry Garnier said: “Trading overall in the first half was in line with our expectations. This was underpinned by customers continuing to repair, maintain and renovate their existing homes, driving resilient volume trends in our core product categories.
“Our UK and Ireland banners continued to gain market share, supported by strong ecommerce sales and our progress in addressing trade customer needs.
“We remain focused on continuing to manage our costs and cash effectively, and driving further market share gains by delivering on our key strategic priorities. With positive early signs of a housing market recovery, notably in the UK, Kingfisher is strongly positioned for growth in 2025 and beyond.”
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