Kingfisher Raises Profit Forecast Despite Declining Market Conditions

• Kingfisher has raised its profit forecast despite a declining market
• Sales in Great Britain rose by 3% per quarter
• The French market shows a decline due to weak demand

The company Kingfisher, which owns the B&Q and Screwfix chains, has raised its profit forecast for the year, despite indications of declining market conditions in Great Britain.

For the three months ending July 31, the group's turnover increased by 0.9%, to £3.25 billion. In Great Britain and Ireland, sales rose by 3% and reached £1.69 billion.

Kingfisher announced that it now expects profit to be in the range of £540 million to £570 million, which is higher than the previous forecast of £480-520 million.

General Director Thierry Garnier stated that the company demonstrates sales growth thanks to strategic initiatives in the field of e-commerce and retail, despite negative market conditions in some regions.

Analysts indicate that despite the growth of Kingfisher's shares by 5.3% at the start of trading, the market remains under pressure due to macroeconomic uncertainty and weak consumer demand in some regions.

In France, the second-largest market, sales decreased by 1.4%, which was attributed to weak consumer sentiment and political uncertainty.

Tags: Europe/Economy