Proactive Investors - Kingfisher (LON:KGF) PLC, the parent company of home improvement retailers B&Q and Screwfix, faced a challenging trading environment in the last financial year, with revenues and earnings hit by stagnant retail spending.
Year-over-year, total sales decreased by 1.8% with like-for-like (LFL) sales down by 3.1%.
Statutory pre-tax profit fell by 22.3% to £475 million (or down by 25% to £568 million on an adjusted basis), though the group was able to keep its yearly dividend stable at 12.4% with a £300 million share buyback programme also announced.
For the year ahead, adjusted pre-tax profit is expected to be between £490 million and £550 million, with free cash flow projected in the range of £350 million to £410 million.
“Despite all the macroeconomic and consumer challenges in our markets over the past year, we have stayed focused on our customers and our long-term strategy," said chief executive Thierry Garnier.
Stocks to open lower
FTSE 100 futures are pointing to losses when markets open this Monday after rallying to a 12-month high on Friday. The index is expected to open 18 points lower at 7,918.
Blue chips surged nearly 3% higher last week after inflation data came in softer than expected and the Bank of England announced a rather dovish hold on interest rates.
There’s little to move the dial on the macroeconomic calendar this morning, while B&Q owner Kingfisher plc’s final results will be the focus on the company news front.
Over the weekend, it emerged that activist investor Elliott Advisors is calling on Scottish Mortgage to get its portfolio into shape by selling off parts of its portfolio- including risky private investments such as SpaceX.