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Kingfisher has downgraded its full-year profit outlook for the second time in three months after the B&Q owner’s third quarter underlying sales fell 3.9 per cent, with market trends in France weaker than expected.
The FTSE 100 group, which also owns Screwfix in Britain and Castorama and Brico Depot in France and other markets, said it now expected adjusted pretax profit of around £560million for the 12 months to the end of January 2024.
This is down from the £590million it was forecasting in September and the £758million made in 2022/23.
CEO Thierry Garnier said: ‘As we move into 2024, we are focused on what is in our control.
‘First, a continued focus on growing market share in the UK, France and Poland with delivery of our strategic growth initiatives. Second, driving productivity gains to offset wage inflation. And finally, delivering on our free cash flow and shareholder returns targets.
‘We expect to see some product cost price inflation, albeit at a significantly lower level, and expect rational retail pricing and competitive price indices at all our banners.
‘On the medium-to-longer term outlook, we remain very positive for home improvement growth in our markets, and our ability to grow ahead of our markets.’
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