VIAC

ViacomCBS Inc.

29.58
USD
-17.81%
29.58
USD
-17.81%
27.84 101.97
52 weeks
52 weeks

Mkt Cap 17.95B

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UK's Kingfisher maintains guidance on resilient DIY market

LONDON, May 23 (Reuters) - British home improvement retailer Kingfisher KGF.L reported first quarter sales significantly ahead of its pre-pandemic performance and maintained its full-year guidance, saying demand for do-it-yourself (DIY) was resilient. The group, which owns B&Q and Screwfix in the Britain and Castorama and Brico Depot in France and other markets, said on Monday its like-for-like sales fell 5.4% in the quarter to April 30 year-on-year but were up 16.2% on a three-year basis. It said it was making strong market share gains and had good momentum into the second quarter with like-for-like sales down 2.5% for the two weeks to May 14 but up 21.8% on a three-year basis. More people discovered or rediscovered DIY during the COVID-19 crisis as they spent more time at home, had fewer leisure options and travelled less. Kingfisher said it was continuing to manage inflation pressures effectively and product availability was good, approaching pre-pandemic levels. It reiterated full-year 2022-23 guidance of adjusted pretax profit of about 770 million pounds ($967.5 million), down from the pandemic boosted 949 million pounds in 2021-22. It also said it would return a further 300 million pounds of surplus capital through another share buyback programme. Kingfisher's shares, down 27% so far this year, closed Friday at 246.8 pence, valuing the business at 5 billion pounds. ($1 = 0.7959 pounds) (Reporting by James Davey; Editing by Elizabeth Piper and Edmund Blair) ((james.davey@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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