DIY retailer Kingfisher boosted by demand for energy-efficient products

European home improvement retailer Kingfisher reported resilient trading in its third quarter, boosted by strong demand for energy-efficient products as consumers seek savings in their energy bills to help navigate the cost-of-living crisis.

The group, which owns B&Q and Screwfix, as well as well as Castorama and Brico Depot in France and other markets, said on Thursday its total sales rose 1.7 per cent in constant currency to £3.3 billion (€3.77bn) in the three months to October 31st, with like-for-like sales up 0.2 per cent.

Kingfisher said it had also got off to a good start in its fourth quarter, with like-for-like sales up 2.8 per cent for the three weeks to November 19th. It was continuing to win market share, it said.

“While the market backdrop remains challenging DIY sales continue to be supported by new industry trends such as more working from home and a clear step-up in customer investment in energy saving and efficiency,” said chief executive Thierry Garnier.

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Kingfisher, whose shares have fallen 27 per cent this year, kept its financial guidance broadly intact, forecasting a year to end-January 2023 adjusted pretax profit in the range of £730 million to £760 million, down from a pandemic boosted £949 million in 2021-22. It previously forecast £730 million to £770 million. – Reuters