LONDON (dpa-AFX) - Home improvement retailer Kingfisher PLC (KGF.L) reported Tuesday higher profit in its first half of fiscal 2027 with margin expansion, cost control as well as slightly higher sales and like-for-like sales.
Looking ahead, the retailer upgraded its fiscal 2027 guidance, raising adjusted pre-tax profit to a range of £595 million to £635 million from a previous range of £565 million to £625 million. Free cash flow guidance was also raised to £480 million to £520 million from £450 million to £510 million previously.
Further, Kingfisher said its £300 million share buyback program continues, with £125 million purchased to date. The company is commencing the third tranche of £50 million this week, expected to be completed by December.
The first-half pre-tax profit rose 18.4 percent to £400 million from £338 million a year ago. Basic earnings per share jumped 29.5 percent to 17.3 pence from 13.4 pence previously.
Adjusted pre-tax profit reached £404 million, compared with £368 million last year. Adjusted basic earnings per share grew to 17.8 pence from 15.3 pence a year ago.
The adjusted pre-tax profit benefited from gross margin expansion of 70 basis points, disciplined cost control, and a one-off business rates refund of £14 million.
Total sales increased 0.8 percent to £6.864 billion from £6.811 billion last year, though on a constant currency basis sales fell 0.2 percent. When including marketplace gross merchandise sales or GMS, total sales rose 1.6 percent.
Like-for-like sales grew 0.1 percent, with underlying like-for-like sales up 0.3 percent, driven by higher customer transactions.
Total GMS reached £7.107 billion, up 2.6 percent from £6.928 billion a year ago, or up 1.6 percent on a constant currency basis.
The company announced an interim dividend of 3.80p per share, matching the prior year interim dividend. The dividend will be paid on November 13 to shareholders registered at close of business on October 9.
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