Raindrops keep falling on Kingfisher's head
Wet weather and adverse exchange rates put a dampener on the first half performance of do-it-yourself retailer Kingfisher.
Wet weather and adverse exchange rates put a dampener on the first half performance of do-it-yourself retailer Kingfisher.
Sales in the 26 weeks to July 28th were down 3.3% to £5,478m from £5,662m at the interim stage last year. That was in line with market forecasts. On a constant currency basis, sales were up 1.0% but on a like-for-like (LFL) basis were off 2.8%.
Adjusted pre-tax profit slumped 15.5% to £371m from £439m the year before, with the company sizing the impact of wet weather in the UK and Northern Europe at more than £30m, which might account for why the profit figure was £24m shy of the forecast by Charles Stanley.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Statutory profit before tax fell 16.9% to £364m from £438m the year before.
The interim dividend has been hiked by 25.1% to 3.09p from 2.47p last year.
An updated version of this item is now available
JH
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published