TIDMKGF
RNS Number : 6836T
Kingfisher PLC
22 July 2020
Q2 pre-close update
22 July 2020: Kingfisher plc ('Company', 'Group' or
'Kingfisher') is today providing an update on Q2 trading ahead of
its Half Year results for the period ending 31 July 2020.
Q2 trading to 18 July
As announced on 17 June 2020, Kingfisher's Q2 20/21 Group LFL
sales (to 13 June) were up 21.8% reflecting strong e-commerce
growth and the phased reopening of stores in the UK and France from
mid-April. Since then, Kingfisher has continued to experience
strong demand across its markets, and Q2 20/21 Group LFL sales (to
18 July) are up 21.6%. Year to date (to 18 July), Group LFL sales
are down 3.7%.
Based on the strong sales seen to date in Q2, combined with cost
reductions benefiting H1 (some of which are non-recurring), the
Company anticipates its half year adjusted pre-tax profit to be
ahead of prior year.
LFL sales by month
Monthly sales % LFL(1) Change
--------------------
May 2020 Jun 2020
--------------------- --------- -----------
UK & Ireland +15.5% +25.9%
France +23.6% +33.0%
Poland +16.3% +15.3%
Romania(2) (14.3)% +25.7%
Iberia (49.6)% +25.5%
Group LFL(3) +14.3% +25.1%
--------------------- --------- -----------
E-commerce sales(4) +202.1% +225.2%
June and July LFL sales by week (to 18 July 2020)
Sales: 4 weeks to % LFL(1) Change
----------------------------------------------
27 June 2020 June 2020
week 1(5) week 2(5) week 3(5) week 4(5)
--------------------- ---------- ---------- ---------- ------------
UK & Ireland +26.3% +29.5% +27.2% +22.8%
France +41.4% +38.4% +32.4% +16.6%
Poland +11.7% +0.7% +29.2% +13.5%
Romania +30.2% +20.3% +19.8% +17.8%
Iberia +15.2% +24.7% +24.8% +23.2%
Group LFL(3) +28.7% +27.7% +28.5% +18.8%
--------------------- ---------- ---------- ---------- ------------
E-commerce sales(4) +207.4% +211.3% +214.3% +202.0%
Sales: 3 weeks to % LFL(1) Change
----------------------------------
18 July 2020 July 2020
week 1(5) week 2(5) week 3(5)
--------------------- ---------- ---------- ----------
UK & Ireland +18.7% +17.9% +19.6%
France +25.4% +27.2% +27.4%
Poland +14.3% +14.3% +15.2%
Romania +28.0% +21.1% +16.8%
Iberia +17.1% +25.1% +19.8%
Group LFL(3) +20.3% +20.7% +21.3%
--------------------- ---------- ---------- ----------
E-commerce sales(4) +203.7% +190.0% +183.3%
Outlook
Our top priority remains ensuring the health and safety of our
colleagues and customers, serving our markets as a retailer of
essential goods, and protecting our business for the long term. The
operational and financial actions we have taken, together with the
strong demand for home improvement we are currently seeing, give us
a sound footing in the current crisis and beyond.
While we are entering the second half with a favourable trading
backdrop, second half visibility remains low given uncertainty
around COVID-19 and the wider economic outlook. As such, no
specific financial guidance is provided for FY 20/21.
We look forward to providing a more detailed update at the Half
Year results on 22 September 2020.
Footnotes
(1) LFL (like-for-like) sales growth represents the constant
currency, year on year sales growth for stores that have been open
for more than one year. Stores temporarily closed or otherwise
impacted due to COVID-19 are also included.
(2) Kingfisher's subsidiary in Romania prepares their financial
statements to 31 December. Their monthly results presented are for
April and May, i.e. one month in arrears. The weekly results
presented have no corresponding delay.
(3) Group LFL includes total e-commerce sales. Group LFL also
includes Russia and excludes Koçta (Kingfisher's 50% JV in
Turkey).
(4) E-commerce sales are total sales derived from online
transactions, including click & collect. This includes sales
transacted on any device, however not sales through a call centre.
E-commerce sales change includes only UK & Ireland, France and
Poland.
(5) June and July weekly sales figures are for
Sunday-to-Saturday weeks from 31 May 2020 (compared against prior
year Sunday-to-Saturday weeks from 2 June 2019). The figures are
provisional, and exclude certain non-cash accounting adjustments
relating to revenue recognition.
Information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain. This announcement is being released on behalf of
Kingfisher by Paul Moore, Company Secretary.
Contacts
Tel: Email:
Investor Relations +44 (0) 20 7644 investorenquiries@kingfisher.com
1082
Media Relations +44 (0) 20 7644 corpcomms@kingfisher.com
1030
Teneo +44 (0) 20 7420 Kfteam@teneo.com
3184
About Kingfisher plc
Kingfisher plc is an international home improvement company with
over 1,350 stores in nine countries across Europe. We operate under
retail banners including B&Q, Castorama, Brico Dépôt, Screwfix,
TradePoint and Koçta , supported by a team of 77,000 colleagues. We
offer home improvement products and services to consumers and trade
professionals who shop in our stores and via our e-commerce
channels. At Kingfisher, our purpose is to make home improvement
accessible for everyone.
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).
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).
Certain information contained in this announcement may
constitute "forward-looking statements" (including within the
meaning of the safe harbour provisions of the United States Private
Securities Litigation Reform Act of 1995), which can be identified
by the use of terms such as "may", "will", "would", "could",
"should", "expect", "anticipate", "project", "estimate", "intend",
"continue", "target", "plan", "goal", "aim" or "believe" (or the
negatives thereof) or other variations thereon or comparable
terminology. These forward-looking statements include all matters
that are not historical facts and include statements regarding the
Company's intentions, beliefs or current expectations and those of
our Officers, Directors and employees concerning, amongst other
things, the Company's results of operations, financial condition,
changes in global or regional trade conditions, changes in tax
rates, liquidity, prospects, growth and strategies, acts of war or
terrorism worldwide, work stoppages, slowdowns or strikes, public
health crises, outbreaks of contagious disease or environmental
disaster. By their nature, forward-looking statements involve
inherent risks, assumptions and uncertainties that could cause
actual events or results or actual performance of the Company to
differ materially from those reflected or contemplated in such
forward-looking statements. For further information regarding risks
to Kingfisher's business, please consult the risk management
section in the company's Annual Report (as published). No
representation or warranty is made as to the achievement or
reasonableness of and no reliance should be placed on such
forward-looking statements.
The Company does not undertake any obligation to update or
revise any forward-looking statement to reflect any new information
or change in circumstances or in the Company's expectations.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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