Kingfisher released a confident first-quarter trading update on Tuesday, reaffirming its full-year guidance after double-digit growth in trade and e-commerce sales despite a soft market.
The owner of B&Q and Screwfix is starting to make a habit of surprising the market with positive sales data. Final results released in late March were better than investors had feared, and today’s numbers further highlight that the company is successfully navigating a challenging consumer environment.
Total sales, including marketplace, rose 0.8%, while underlying like-for-like sales fell 0.7% against a strong prior-year comparator, with a late start to spring weighing on footfall and seasonal demand.
The group gained market share at Screwfix and in Poland, with France and Spain broadly in line, and B&Q more exposed to the seasonal slowdown.
Trade sales grew 17% excluding Screwfix, taking group trade penetration to 31%, while e-commerce sales rose 14% on the same basis. Marketplace GMV jumped 39% to £163m.
Kingfisher opened five stores in the quarter, including its first standalone TradePoint, aimed at trade customers in dense urban areas.
By brand, Screwfix delivered like-for-like growth of 4.1% on strong core performance, while B&Q fell 4.1% as the seasonal impact of a strong period last year hit comparisons.
In France, Castorama posted a third consecutive quarter of sequential improvement, and Iberia was a standout with like-for-like growth of 6.6%.
Mark Crouch, market analyst for eToro, says: “Kingfisher’s update paints the picture of a retailer caught between two very different consumer realities. On one hand, households across Europe are feeling the strain from higher borrowing costs and years of cumulative inflation, leaving consumers reluctant to commit to major renovation projects. The late arrival of spring only compounded that pressure by denting footfall and seasonal spending at B&Q.”
“On the other hand, there are early signs the backdrop may be becoming a little less hostile. UK inflation recently surprised to the downside, which could eventually ease pressure on household finances.”
For 2026/27, the group continues to expect adjusted pre-tax profit of around £565m-£625m and free cash flow of around £450m-£510m. Its £300m share buyback remains ongoing.
Investors are taking an optimistic approach, and Kingfisher shares were 4% higher at the time of writing.