Kingfisher Q1 Underlying LFL Sales Down 0.7%; Confident In FY Guidance

Kingfisher reported first-quarter total group sales of £3.3 billion, up 1.4% as reported, while total sales including marketplace gross merchandise sales rose 0.8%. However, group like-for-like sales declined 0.9% and underlying like-for-like sales fell 0.7%, indicating modest pressure on underlying demand. The update is mixed and likely only a modest stock catalyst.

Analysis

Kingfisher reported first-quarter total group sales of £3.3 billion, up 1.4% as reported, while total sales including marketplace gross merchandise sales rose 0.8%. However, group like-for-like sales declined 0.9% and underlying like-for-like sales fell 0.7%, indicating modest pressure on underlying demand. The update is mixed and likely only a modest stock catalyst.