TIDMKGF
RNS Number : 0279X
Kingfisher PLC
21 November 2017
Kingfisher PLC
Tuesday 21 November 2017: Q3 to 31 October 2017
Kingfisher reports sales of GBP3.0 billion, LFL(1) down 0.5%
Sales % Total % Total % LFL
2017/18 Change Change Change
-------------------------- --------- --------- ------------------ ------------------
GBPm Reported Constant currency Constant currency
UK & Ireland 1,274 +2.5% +2.5% +1.5%
- B&Q UK & Ireland 875 (2.8)% (2.9)% (1.9)%
- Screwfix 399 +16.6% +16.6% +10.2%
France 1,153 +0.4% (3.5)% (4.1)%
- Castorama 627 +1.2% (2.6)% (3.2)%
- Brico Dépôt 526 (0.7)% (4.6)% (5.2)%
Other International 616 +9.3% +3.2% +2.7%
- Poland 379 +11.9% +6.1% +6.0%
- Russia 109 +8.6% (1.4)% (3.7)%
- Spain 79 (2.0)% (5.5)% (4.0)%
- New Country 49 n/a n/a n/a
Development(2)
-------------------------- --------- --------- ------------------ ------------------
Total Group 3,043 +3.0% +0.3% (0.5)%
-------------------------- --------- --------- ------------------ ------------------
-------------------------------------------------------------------------------------------
-- Q3 LFL down 0.5% reflecting continued weak sales in France
and slightly lower impact from business disruption than H1
-- Remain comfortable with FY 17/18 consensus underlying PBT expectations(3)
-- Remain on track to deliver our full year strategic milestones
-- Returned a further GBP237m (76m shares) year to date via
share buyback of previously announced c.GBP600m capital
return(4)
Véronique Laury, Chief Executive Officer, said:
"Q3 has followed a similar course to the first half. We have
seen strong growth at Screwfix and Poland offset by continued weak
sales in France, alongside some business disruption from our ONE
Kingfisher plan, principally reflecting product availability and
clearance. We continue to act on the causes of this disruption,
which we are confident will ease.
"We remain on track to deliver our full year strategic
milestones, for the second year in a row. With plans in place to
support our overall performance, we remain comfortable with full
year profit expectations.
"We remain confident in our ability to deliver our long-term
plan and in the financial and customer benefits it will generate.
Early customer reaction to our new ranges continues to be
encouraging. We recognise that the transformation plan involves a
lot of change for our colleagues and appreciate their continued
hard work and expertise."
Q3 trading highlights by division (in constant
currencies):
UK & IRELAND
* Total sales +2.5%. LFL +1.5% reflecting continued
strong Screwfix performance and modest price
inflation
o B&Q UK & Ireland sales -2.9% (LFL -1.9%) reflecting
annualisation of completed store closure programme.
LFL of seasonal -7.1% reflecting a strong comparative
(Q3 16/17: +5.3%). LFL of non-seasonal, including
showroom -0.6%
o Screwfix sales +16.6%. LFL +10.2% driven by its
leading digital capability, new and extended specialist
ranges and new outlets
FRANCE
* Total sales -3.5% (LFL -4.1%). Sales for the home
improvement market (Banque de France data(5) ) +0.6%
in Q3
o Castorama sales -2.6% (LFL -3.2%). LFL of seasonal
-9.3% reflecting a strong comparative (Q3 16/17:
+5.9%). LFL of non-seasonal, including showroom
-2.0%
o Brico Dépôt sales -4.6% (LFL -5.2%)
OTHER INTERNATIONAL
o Sales in Poland +6.1% (LFL +6.0%) reflecting
a continued good performance in a supportive market.
LFL of seasonal +4.7% against a strong comparative
(Q3 16/17: +7.8%). LFL of non-seasonal, including
showroom +6.1%
------------------------------------------------------------------------
FY 17/18 technical guidance:
Income statement:
* Following proposed legislation in France, a corporate
tax surcharge is expected to increase our group tax
charge by c. EUR25m for FY 17/18. This is not
expected to recur in subsequent years
-------------------------------------------------------------------
Footnotes
(1) Like-for-like sales growth representing the constant
currency, year on year sales growth for stores that have been open
for more than a year
(2) Brico Dépôt Romania, Brico Dépôt Portugal and Screwfix
Germany
(3) Analyst consensus of underlying profit before tax of GBP785m
for FY 17/18 at FX Euro/GBP rate of 1.15, see
http://www.kingfisher.com/index.asp?pageid=79 for more detail.
Underlying profit before tax is used to report the performance of
the underlying business at a Group level, including the sustainable
benefits of our transformation programme. This is stated before the
short-term costs associated with our transformation programme,
exceptional items and FFVR.
(4) Through to end of FY 18/19 (over and above the annual
ordinary dividend); now returned GBP437m of the c.GBP600m
(5) Includes relocated and extended stores
http://webstat.banque-france.fr/en/browse.do?node=5384326
Contacts
Tel: Email:
Investor Relations +44 (0) 20 7644 1082 investorenquiries@kingfisher.com
Media Relations +44 (0) 20 7644 1030 corpcomms@kingfisher.com
Teneo Blue Rubicon +44 (0) 20 7260 2700 Kfteam@teneobluerubicon.com
This announcement can be downloaded from www.kingfisher.com.
Data tables for Q3 sales FY17/18 are available for download in
excel format at http://www.kingfisher.com/index.asp?pageid=59. We
can be followed on Twitter @kingfisherplc with the Q3 results tag
#KGFQ3. Kingfisher American Depository Receipts are traded in the
US on the OTCQX platform:(OTCQX: KGFHY)
http://www.otcmarkets.com/stock/KGFHY/quote
Our next announcement will be our full year results on 21 March
2018. The results will be presented as an audio webcast followed by
a live Q&A.
Forward-looking statements
You are not to construe the content of this announcement as
investment, legal or tax advice and you should make your own
evaluation of the Company and the market. If you are in any doubt
about the contents of this announcement or the action you should
take, you should consult a person authorised under the Financial
Services and Markets Act 2000 (as amended) (or if you are a person
outside the UK, otherwise duly qualified in your jurisdiction).
This announcement has been prepared in relation to the financial
results for the Quarter ended 31 October 2017. The financial
information referenced in this announcement is not audited and does
not contain sufficient detail to allow a full understanding of the
results of the group. Nothing in this announcement should be
construed as either an offer or invitation to sell or any offering
of securities or any invitation or inducement to any person to
underwrite, subscribe for or otherwise acquire securities in any
company within the group or an invitation or inducement to engage
in investment activity under section 21 of the Financial Services
and Markets Act 2000 (as amended).
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among other things, the Company's results of operations, financial
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END
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