TIDMKGF
RNS Number : 2827F
Kingfisher PLC
14 July 2021
Trading update
14 July 2021: Kingfisher plc ('Company', 'Group' or
'Kingfisher') is today providing an update on Q2 trading to date
and is raising its guidance for H1 21/22 LFL sales and adjusted
pre-tax profit.
Key points
-- Continuing to make significant progress against 'Powered by
Kingfisher' strategic priorities, driving share growth in key
markets
-- High levels of demand from both new and existing customers continue, across retail and trade
-- Q2 21/22 LFL(1) sales (to 10 July)(2) down 1.3%, with corresponding 2-year LFL(3) up 22.3%
o Strong 2-year growth across all banners
o Transaction volume and average basket value both up on a
2-year basis
-- E-commerce sales growth continues to be strong, with 2-year
growth in Q2 21/22 (to 10 July) of 188%
-- Raising H1 21/22 LFL sales outlook to around 22% (previous guidance 'mid-to-high teens')
-- Anticipate H1 adjusted pre-tax profit to be ahead of our
previous expectations, in the range of c.GBP645 million to GBP660
million (previous guidance 'c.GBP580 million to GBP600
million')
Thierry Garnier, Chief Executive Officer, said:
"Kingfisher's performance in the second quarter to date has been
ahead of expectations, with positive progress against our strategic
priorities continuing to drive share growth in our key markets.
"With very strong comparatives from the previous year, we are
pleased to see growth being delivered on a 2-year basis across all
categories and channels, with e-commerce sales in particular nearly
three times higher than the same period in 2019.
"I am grateful to all our colleagues for their continuous hard
work and customer service, enabling our banners to trade safely and
to remain well stocked despite the industry-wide supply chain
challenges.
"With the strong performance in the quarter to date, we now
anticipate first half sales and adjusted pre-tax profit to be ahead
of our previous expectations. We continue to be encouraged by the
supportive long-term trends for our industry and are confident of
continued outperformance of our wider markets. We look forward to
providing a detailed update on the 'Powered by Kingfisher'
strategy, our performance and full year outlook at our interim
results on 21 September."
LFL sales - Q1 and Q2 to date
Monthly sales % LFL Change
--------------------- ------------------------------------------------
Q1 21/22 May 2021 Jun 2021 Q2 21/22
(to date) (2)
--------------------- --------- --------- ---------------
UK & Ireland +65.0% +5.2% +4.7% +3.3%
France +101.7% (5.1)% (11.4)% (8.9)%
Other International +5.9% +13.5% +0.5% +4.1%
- Poland (12.0)% +2.2% +0.8% (0.4)%
- Iberia(4) +112.3% +123.6% (7.6)% +19.6%
- Romania +27.4% +12.2% +12.4% +12.3%
Group LFL(5) +64.2% +2.5% (2.2)% (1.3)%
--------- --------- ---------------
E-commerce sales(6) +62.8% +1.6% (9.7)% (6.1)%
2-year LFL sales - Q1 and Q2 to date
Monthly sales % LFL Change
--------------------- ------------------------------------------------
Q1 21/22 May 2021 Jun 2021 Q2 21/22
(to date) (2)
--------------------- --------- --------- ---------------
UK & Ireland +38.6% +21.4% +31.8% +25.7%
France +18.1% +17.3% +17.9% +19.1%
Other International (11.0)% +15.1% +18.8% +19.5%
- Poland (20.5)% +18.8% +16.2% +17.8%
- Iberia(4) +12.1% +12.6% +16.0% +14.1%
- Romania +16.6% +41.1% +38.4% +40.2%
Group LFL(5) +22.5% +19.0% +24.4% +22.3%
--------- --------- ---------------
E-commerce sales(6) +257.5% +201.2% +186.9% +188.2%
Footnotes
(1) LFL (like-for-like) sales growth represents the constant
currency, year on year sales growth for stores that have been open
for more than one year. Stores temporarily closed or otherwise
impacted due to COVID are also included.
(2) 'Q2 21/22 LFL sales (to 10 July)' and 'Q2 21/22 (to date)'
represent the period from 2 May 2021 to 10 July 2021 (compared
against the equivalent period in the prior year, from 3 May 2020 to
11 July 2020). The corresponding 2-year LFL represents the period
from 2 May 2021 to 10 July 2021 compared against the equivalent
period in FY 19/20 (i.e. from 5 May 2019 to 13 July 2019). The
figures are provisional and excludes certain non-cash accounting
adjustments relating to revenue recognition.
(3) 2-year LFL is calculated by compounding current and prior
year LFL growth. For example, current year LFL growth of 10% and
prior year LFL growth of 5% results in 2-year LFL growth of 15.5%.
Prior year LFL growth excludes Russia for the purposes of the Group
and Other International 2-year LFL calculations.
(4) Brico Dépôt Spain and Portugal.
(5) Group LFL includes e-commerce sales, and excludes Koçta
(Kingfisher's 50% JV in Turkey).
(6) E-commerce sales are total sales derived from online
transactions, including click & collect. This includes sales
transacted on any device, however not sales through a call centre.
E-commerce sales change is in constant currency and covers the
total Group, excluding Russia.
Information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain. This announcement is being released on behalf of
Kingfisher by Paul Moore, Company Secretary.
Contacts
Tel: Email:
Investor Relations +44 (0) 20 7644 investorenquiries@kingfisher.com
1082
Media Relations +44 (0) 20 7644 corpcomms@kingfisher.com
1030
Teneo +44 (0) 20 7420 Kfteam@teneo.com
3184
Half year 21/22 results
Our next scheduled announcement will be our results for the six
months ended 31 July 2021, on Tuesday 21 September 2021.
American Depository Receipts
Kingfisher American Depository Receipts are traded in the US on
the OTCQX platform: (OTCQX: KGFHY)
http://www.otcmarkets.com/stock/KGFHY/quote .
About Kingfisher plc
Kingfisher plc is an international home improvement company with
approximately 1,400 stores, supported by a team of over 83,000
colleagues. We operate in eight countries across Europe under
retail banners including B&Q, Castorama, Brico Dépôt, Screwfix,
TradePoint and Koçta . We offer home improvement products and
services to consumers and trade professionals who shop in our
stores and via our e-commerce channels. At Kingfisher, our purpose
is to help make better homes accessible for everyone.
Forward-looking statements
You are not to construe the content of this announcement as
investment, legal or tax advice and you should make your own
evaluation of the Company and the market. If you are in any doubt
about the contents of this announcement or the action you should
take, you should consult a person authorised under the Financial
Services and Markets Act 2000 (as amended) (or if you are a person
outside the UK, otherwise duly qualified in your jurisdiction).
The financial information referenced in this announcement is not
audited and does not contain sufficient detail to allow a full
understanding of the results of the Group. Nothing in this
announcement should be construed as either an offer or invitation
to sell or any offering of securities or any invitation or
inducement to any person to underwrite, subscribe for or otherwise
acquire securities in any company within the Group or an invitation
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Certain information contained in this announcement may
constitute "forward-looking statements" (including within the
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our Officers, Directors and employees concerning, amongst other
things, the Company's results of operations, financial condition,
changes in global or regional trade conditions, changes in tax
rates, changes to customer preferences, liquidity, prospects,
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to Kingfisher's business, please consult the risk management
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