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Kingfisher performance improves in May as lockdown measures ease

By BFN News | 07:29 AM | Wednesday 17 June, 2020


Kingfisher said its performance had improved in May following a slump in April as the home improvement retailer began to gradually reopen shuttered stores in the UK and France. Like-for-like (LFL) sales declined 74% in the first week of April, but increased more than 25% since the second week of May, the company said. LFL sales were down 24.8% and 21.8% in the first and second quarter of the year, respectively. The company also reported that annual profit slumped in its 2019-to-2020 fiscal year. For the year ended 31 January, pre-tax profit fell 65.7% to £103m on-year as sales slipped 1.5% to £11.5bn. LFL sales were down 1.5% with growth at Screwfix, Poland and Romania offset by weaker sales at B&Q, France, Russia and Iberia, the company said. 'Given the continued impact and uncertainty of changes in the magnitude and duration of Covid-19, no specific financial guidance has been provided for FY 20/21,' it added. Story provided by StockMarketWire.com

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