Kingfisher confirms targets after Q1 sales rise

"We have had a good start to the year" and "we have gained market share in all our main countries," said Thierry Garnier, the group's CEO, quoted in the press release issued by the owner of the Castorama, Brico Dépôt, B&Q and Screwfix brands.

In the February-April period, Kingfisher Group sales reached 3,3 billion pounds sterling (3,94 billion euros), showing a year-on-year increase of 1,8% at constant scope and exchange rates.

This increase even amounts to 2,7% excluding calendar effects, notably linked to the fact that 2024, a leap year, had one more day in February.

"It is still early in the year and uncertainties remain regarding consumer confidence in our various markets," but "we are confident in our ability" to achieve our annual financial objectives, said Thierry Garnier.

Kingfisher, which has some 1.900 stores in eight countries - mainly in the UK, Ireland, France and Poland - said it had achieved "particularly good" performance in its British stores (with sales up 5,9%) during its first quarter.

In France, sales fell by 3,2% over this period, but Thierry Garnier noted that his brands "performed better than the market in a difficult context."

Castorama's restructuring and modernization plan is "well underway," according to Kingfisher.

Announced in 2024, this program included a voluntary redundancy plan for around a hundred positions at Castorama's headquarters, near Lille, as well as a reduction in the size of several stores.

Outside the UK and France, Kingfisher's sales fell short of analysts' forecasts polled by Bloomberg - particularly in Poland - weighing on the share price on the London Stock Exchange.

At around 11:00 GMT, Kingfisher shares were down 3,46% in a London market that was down 0,9%.