B&Q and Screwfix owner Kingfisher reported strong post pandemic growth in the first quarter, with three year like for like sales up 16.2 per cent.
The company recorded sales of £3.2bn in line with expectations thanks to resilient demand from both DIY and trade segments, but was still down 15.8 per cent compared to 2021 figures.
While the retail giant said this dip was as a result of an exceptionally strong year last year, where home improvements rocketed, chief exec Thierry Garnier said the firm has worked on a strategic focus, gaining a significant proportion of the increased sales.
“We continue to effectively manage inflationary and supply chain pressures. As a result, our product availability is now very close to ‘normal’ levels across all our banners, and we continue to deliver value for our customers through our own exclusive brands and competitive prices”, Garnier said.
The company also took the opportunity to announce a return of a further £300m of surplus capital via a share buyback programme, with the first tranche coming soom. This move is aimed at “delivering attractive returns for our shareholders,” Garnier explained.
The company reiterated profit guidance for this year, anticipating adjusted pre-tax profit of £770m.