B&Q owner hikes outlook after profits jump on DIY boom

© Paul Faith B&Q owner Kingfisher has upped its full-year sales and earnings outlook after first-half profits jumped amid a pandemic-driven DIY boom.

B&Q owner Kingfisher has upped its full-year sales and earnings outlook after first-half profits jumped amid a pandemic-driven DIY boom.

The group posted a 70.6% rise in statutory pre-tax profits to £677 million as like-for-like sales in B&Q leapt 28.8% higher in the six months to July 31.

On an underlying basis, profits rose 61.6% to £669 million.

Kingfisher – which also owns the Screwfix chain – said it was facing mounting pressures on its supply chain, with costs and availability being affected, but stressed it was managing the issues.

It announced a £300 million share buyback and hiked its interim dividend on the back of a strong set of half-year figures.

The group has been boosted by a boom in DIY amid the pandemic, although sales have slipped in recent months as it comes up against tough comparisons from a year earlier.

B&Q sales soared 81.9% in the first quarter but fell 1.2% in the following three months and are 4.2% lower so far in the third quarter.

On a two-year basis, third quarter sales to date at B&Q are running 18.7% higher and 16.1% up across the group.

It said the performance is better than expected and upped its group-wide annual sales outlook, now forecasting a fall of between 3% and 7%, having previously pencilled in a drop of up to 15%.

The group said it is now set for underlying pre-tax profits of between around £910 million and £950 million, up from a market consensus of £913 million.

But it is facing supply chain headwinds, with costs rising for freight and raw materials and revealed it is still “below target product availability levels” in some categories – in particular timber and cement.

Kingfisher said it had been able to manage through the issues and UK lorry driver shortage, with stock levels gradually improving over the first half thanks to an early buying strategy, and expects to rebuild product inventory ahead of the peak trading periods.

Kingfisher said: “Like many other businesses and industries, we are facing significant operational pressures arising due to the pandemic, including product supply and availability, shipping and logistics, and cost price inflation, which have been managed effectively to date.”

It gave assurances that Christmas tree stocks are not set to be affected by the issues, with the group “well set up” for the festive season.

Thierry Garnier, chief executive of Kingfisher said: “Our industry is benefiting from new trends that we believe will be supportive over the long term.

“These include people spending more time working from home, the emergence of a new generation of DIY’ers, the need for greener homes, and a strong housing market.”

Internet Explorer Channel Network
News Related


Scientists turn durian waste into bandages — and the internet has questions

Scientists in Singapore are using durian husks to create antibacterial bandages they say can heal post-surgery wounds. The technology uses an inexpensive process to extract cellulose from the fruit’s thick, green husks.  Twitter erupted with ... Read more »

Australia's central bank tells Buy Now Pay Later firms to drop surcharge ban

© Reuters/DADO RUVIC FILE PHOTO: Afterpay logo is displayed By Paulina Duran SYDNEY (Reuters) – Australia’s central bank on Friday said that buy now, pay later (BNPL) firms will no ... Read more »

The Prive Group removes CEO, 'strongly condemn' him after assault on 13-year-old boy

SINGAPORE — The chief executive officer of The Prive Group, who pleaded guilty on Thursday (21 October) to punching and verbally abusing a 13-year-old boy, has been removed from his ... Read more »

SC issues scam alert on SuperMax Trading Malaysia

© Provided by The Edge KUALA LUMPUR (Oct 22): The Securities Commission Malaysia (SC) has issued a scam alert on SuperMax Trading Malaysia/SuperMax Trader Malaysia, a potential clone of a ... Read more »

CIMB foreign shareholding rose to 23.6% in September 2021, highest since May 2020

© Provided by The Edge KUALA LUMPUR (Oct 22): CIMB Group Holdings Bhd’s foreign shareholding rose to 23.6% in September 2021 from 22.4% in August 2021, according to the financial ... Read more »

China Evergrande set to avert default as property developer reportedly pays off bond interest

Evergrande has remitted the funds for a key interest payment that was due Sept. 23 — ahead of a 30-day grace period that ends tomorrow, according to Chinese state media ... Read more »

Saying Goodbye to Singapore on a Sungei Kadut Bike Ride

Photography by Feline Lim. In my younger and more vulnerable years, I thought I had it all figured out.  I’d imagined a life for myself where I had the freedom ... Read more »

New Zealand Covid: Māori party likens new ‘traffic light' system to ‘Squid Game'

© Provided by The Guardian Photograph: Hannah Peters/Getty Images New Zealand’s new pandemic approach is “a real-life Squid Game for Māori”, the Māori party has said – likening plans unveiled ... Read more »

Riteish Deshmukh jokingly tweets about sweet prices, ends up facing backlash for bias towards Hindu festivals

© Provided by Pinkvilla Riteish Deshmukh, who is an active social media user irrespective of the platform, faced some criticism from netizens recently. Ahead of the upcoming festive season, Riteish ... Read more »

How to watch SMU vs. Tulane: NCAA Football live stream info, TV channel, time, game odds

© Provided by CBS Sports Sep 22, 2018; Dallas, TX, USA; Southern Methodist Mustangs mascot Peruna runs across the field after a touchdown against the Navy Midshipmen during the third ... Read more »

«Wenn jemand beim Essen am Handy ist, sage ich, dass er wegsitzen kann»

Diashow ein Loïc Meillard will in dieser Saison öfter an die Spitze fahren. In der letzten Saison klassierte er sich auf dem vierten Platz im Gesamtweltcup. «Als Skifahrer ist das ... Read more »

USA würden Taiwan gegen Angriff Chinas verteidigen

Präsident Joe Biden hat versichert, dass die USA keinen Konflikt mit China suchen würden. Man werde aber auch keinen Schritt zurück machen und Taiwan unterstützen. © AFP US-Präsident sprach am ... Read more »

Analysts cut Supermax earnings forecasts after US Customs ban on glove products

© Provided by The Edge KUALA LUMPUR (Oct 22): Analysts on Friday (Oct 22) cut their earnings forecasts for Supermax Corp Bhd after the US Customs and Border Protection (CBP) ... Read more »

15 Investments That Make You Feel Good While You Make Money

© Tero Vesalainen / Shutterstock.com Microsoft Publicly traded companies have an obligation to do whatever they can to generate profits for investors, but that doesn’t mean they are all solely ... Read more »

Health Minister Defends Maskless Tory MPs Despite Advice Telling People To Cover Up

Prime Minister Boris Johnson speaks during Prime Minister’s Questions in the House of Commons, London. (Photo: House of Commons via PA Wire/PA Images) Health minister Edward Argar has defended Tory ... Read more »

POLICE NEWS: Theft suspect allegedly left ID behind

Oct. 22—The suspect in a theft case faces charges after allegedly leaving his ID card at the scene. Goshen police have sent charges against Dustin Ellsworth, 44, 57687 Roys Ave., ... Read more »

DJ trio Swedish House Mafia reunite with new music, tour

This photo provided by Swedish House Mafia shows Axwell, from left, Steve Angello, and Sebastian Ingrosso of Swedish House Mafia as they pose for a self portrait on Thursday, Oct. ... Read more »

Arson suspect faces up to 20 years in prison if convicted in Waikiki surfboard rack fire

Oct. 22—A 48-year-old man charged with arson in connection with Sunday's fire that destroyed about 500 surfboards in Waikiki made his initial appearance at Honolulu District Court this morning. Glenn ... Read more »

Illegal seizure claimed by suspect in Harry's Hideaway shooting

Oct. 22—LIMA — Items obtained from a vehicle police say was used in a February shooting in the parking lot of a Lima bar were obtained illegally, the attorney for ... Read more »

New bill would create Howard County Police Accountability Board, establish independent department oversight

Oct. 22—Howard County Executive Calvin Ball on Thursday pre-filed legislation that would create a Police Accountability Board, which would receive complaints about police misconduct from the public and work with ... Read more »

Prices of Unilever's most popular brands have jumped - and the worst is yet to come

The maker of a host of well known consumer brands has revealed a big lift in prices and warned of worse to come as it battles “unprecedented cost inflation” around ... Read more »

Injuries behind Wood's AFL retirement call

Western Bulldogs premiership captain Easton Wood says a rapid decline in his physical capabilities and fear of letting down the AFL club were the driving factors behind his surprise retirement. © ... Read more »

Alec Baldwin fires prop gun, killing cinematographer, authorities say

By Bhargav Acharya © Reuters/Mike Blake FILE PHOTO: 69th Primetime Emmy Awards – Arrivals – Los Angeles (Reuters) -Actor Alec Baldwin fired a prop gun on a movie set in ... Read more »

China hounds Taiwan with 'greyzone' war plane incursions

Chinese fighter jets crowding Taiwan’s radar screens are Beijing’s latest tool to ramp up pressure on the democratic island, sparking fears that one mistake could suddenly turn a festering cold ... Read more »

Alec Baldwin fired prop gun which killed cinematographer on Rust set, police say

© John Minchillo A prop firearm discharged by veteran actor Alec Baldwin, who is starring and producing a Western movie, killed his director of photography and injured the director (John ... Read more »

US President Joe Biden upbeat on spending deal, but new corporate taxes unlikely

© New York Times US President Joe Biden upbeat on spending deal, but new corporate taxes unlikely President Joe Biden on October 21 said he is confident about getting his ... Read more »

October 1-20 cumulative rainfall 39% more than normal: IMD

© IANS Rain. New Delhi, Oct 22 (IANS) Well beyond the conventional end of the southwest monsoon time that ends on September 30, it continued to rain almost throughout the ... Read more »

UGC Recruitment 2021: Apply for Academic Consultant post at ugc.ac.in, salary up to Rs 80,000, details here

© Provided by Zee News New Delhi: The University Grants Commission (UGC), New Delhi has issued notification for the recruitment of Academic Consultant posts. It may be noted that this ... Read more »

ICC Men's T20 World Cup: List of Hat-Tricks in the Marquee Tournament So Far

© Provided by News18 ICC Men’s T20 World Cup: List of Hat-Tricks in the Marquee Tournament So Far Claiming a hat-trick in any format of cricket isn’t easy for any ... Read more »

T20 World Cup: Playing every game as if it's my last, says England pacer David Willey

David Willey still has the painful memories of being left out from the victorious 2019 World Cup squad. He was omitted from the England squad n the eve of the ... Read more »

Could Eden Hazard leave Real Madrid by end of season? Former defender Fernando Sanz explains why it could happen

867 days. 37 matches. 4 goals and 8 assists. These numbers depict the painful tale of Eden Hazard’s stint with Real Madrid so far; one laced with injuries and multiple ... Read more »

Lakhimpur Kheri violence: BKU suspends Yogendra Yadav for visiting deceased BJP worker's kin

© Provided by Zee News New Delhi: Swaraj India leader Yogendra Yadav has been suspended from the Samyukt Kisan Morcha (SKM) for a month over his visit to the residence ... Read more »

J&K: 'Potential Tragedy' Averted as Army Defuses IED Fitted in Tree in Poonch District

© Provided by News18 J&K: ‘Potential Tragedy’ Averted as Army Defuses IED Fitted in Tree in Poonch District During a massive search operation against holed-up terrorists in the dense forests ... Read more »

Nykaa may launch its IPO next week to raise a little over ₹5,000 crore

© BI India Nykaa may launch its IPO next week to raise a little over ₹5,000 crore The anchor placement of up to ₹2,340 crore will open up a day ... Read more »

Mamata promises Goa ‘Navi Sakal' in 2022 as Trinamool goes all-out for poll debut in state

© Provided by The Print Kolkata/Mumbai: The Mamata Banerjee-led Trinamool Congress, which swept to power in Bengal for a third consecutive term this summer, has plans to go national. And ... Read more »

Man wanted after train derailed south of Sydney

A manhunt is on for a fugitive who allegedly left a car on train tracks south of Sydney causing a train to derail. Four people were hospitalised after the train ... Read more »

Eddie Obeid bail bid fails, heads to jail

Former NSW Labor minister Eddie Obeid has failed to secure bail while awaiting an appeal after being given a jail sentence over a rigged tender for a coal exploration licence.  ... Read more »

Australia has delivered just 8% of Covid vaccinations promised to developing nations

Just 8% of the 60m Covid-19 vaccinations the Australian government pledged to developing countries in the region have been delivered. © Provided by The Guardian Photograph: Leon Lord/AFP/Getty Images Australia ... Read more »

‘The plan is to drink all day': sunny Melbourne celebrates its freedom day. First stop – brunch!

For the first time in a long time, there are plenty of people out on Melbourne streets as the sun rises over the city. © Provided by The Guardian Photograph: ... Read more »

Google to reduce Play Store fee for subscription services to 15% from Jan 1

© Provided by Business Today Google to reduce Play Store fee for subscription services to 15% from Jan 1  Google announced on Thursday that it will reduce service fee for ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic