Kingfisher (KGF) Q1 26/27 TU earnings summary

Executive summary

• Underlying like-for-like sales declined 0.7% year-over-year, with total sales including marketplace up 0.8%.

• Core categories remained resilient despite a late spring impacting footfall and seasonal demand.

• Market share gains achieved at Screwfix and in Poland; France and Spain performed in line with expectations.

• E-commerce and trade sales delivered double-digit growth, with marketplace GMV up 39% to £163m.

• Five new stores opened, including the first standalone TradePoint.

Financial highlights

• Group sales reached £3,300m, up 1.4% year-over-year on a reported basis.

• Group e-commerce sales increased 14% (excluding Screwfix), with penetration at 22%.

• Trade sales grew 17% (excluding Screwfix), with group trade sales penetration at 31%.

• Marketplace GMV grew 39% to £163m.

Outlook and guidance

• On track to deliver FY 26/27 adjusted PBT of £565m–£625m and free cash flow of £450m–£510m.

• Capex expected at £400m; net finance costs at £105m; adjusted effective tax rate at 26%.

• £300m share buyback ongoing.