Kingfisher backs FY guidance as Q1 sales fall

Sales came in at £3.3bn, up 0.8% on a reported basis but down 2% at constant currency and 3.3% lower on a like-for-like basis.

Chief executive Thierry Garnier said: "As we move through our key trading season, we are pleased to see that sales in our core and 'big-ticket' categories, which make up over 80% of our total sales, are showing continued resilience. The unusually poor spring weather in the UK and France affected our seasonal sales in the quarter, impacting demand for items such as garden and outdoor products.

"We have however seen an improvement in trading since early April, and anticipate a release of some pent-up demand as the weather continues to improve. Our inventory remains healthy and, in aggregate, is reducing in line with our expectations."

The group said it was comfortable with the consensus of sell-side analyst expectations for FY 23/24 adjusted pre-tax profit of £634m. For the first half, it expects to report an adjusted pre-tax profit of around £350m.