LONDON (dpa-AFX) - Home improvement retailer Kingfisher plc (KGF.L) reported Wednesday that first-quarter sales were 3.27 billion pounds, up 0.8 percent on a reported basis, but down 2 percent at constant currency rate.
The first-quarter like-for-like or LFL sales dropped 3.3 percent including a negative 0.5 percent calendar impact. On a 4-year LFL sales basis, this represents growth of 12.4 percent.
UK & Ireland sales were 1.59 billion pounds, up 1.4 percent on a reported basis and up 1.3 percent at constant currency.
France sales grew 1.2 percent from last year to 1.12 billion pounds, but declined 4.1 percent on a constant currency basis. Other International sales fell 1.9 percent on a reported basis and 6.5 percent at constant currency.
Core and 'big-ticket' categories, which represent 82 percent of total sales, recorded LFL sales drop of 1.3 percent. Sales of seasonal categories LFL slaes fell 11.3 percent, affected by weather conditions.
Total e-commerce sales growth was 4.7 percent.
Looking ahead for fiscal 24, the company said it remains comfortable with consensus of sell-side analyst expectations for adjusted profit before tax of 634 million pounds.
For the first half, the company expects to report an adjusted profit before tax of around 350 million pounds.
Thierry Garnier, Chief Executive Officer, said, 'We are comfortable with market expectations for the business this year, and confident in delivering growth ahead of our markets, strong cash generation, and higher returns to shareholders over the medium-term.'
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