Retail giant Kingfisher plc (LON:KGF) are trading down nearly 3 percent this morning after releasing their interim results.
Whilst sales were up 3.5% and retail profit up 5.0% in constant currencies, the company adjusted their pre-tax profit downwards £384m, a decline of 2.3%.
In a statement, Karen Witts, Chief Financial Officer, highlighted Kingfisher’s strong prospects in the medium to long term:
“Our balance sheet remains strong, enabling us to continue investing for growth and to return so far this year, GBP160 million via share buyback. We are also today announcing growth in the interim dividend, ahead of earnings, reflecting our confidence in our medium term prospects.”
The company also disclosed intentions to open another 200 Screwfix stores in the UK. The Screwfix arm of the company remains strong; in the first half like-for-like sales at the chain rose 16.5% to £494m.
Kingfisher shares dropped 2.5 percent at market open. They are currently trading down 3 percent at 349.30 pence per share (1230GMT)