Kingfisher plc is an international home improvement company with over 2,000 stores. They operate in eight countries across Europe under retail banners including B&Q, Castorama, Brico Dépôt, Screwfix, TradePoint and Koçtaş, offering home improvement products and services to consumers and trade professionals who shop in their stores and via their e-commerce channels.

28 May 2025

Sun shines on seasonal and big ticket spending

Kingfisher’s strong Q126 sales growth of 1.6% (+3.1% ex calendar and FX, 2.7% LFL), beat consensus estimates by c.1.5% as B&Q led with nearly 8% LFL sales growth.

The warm and sunny weather over the late Easter holiday drove seasonal sales (e.g. outdoor and gardening) and encouraged “big-ticket” projects. Some of this spend is likely to have pulled-forward demand from 2Q26 hence there is no change to management’s FY26E guidance of £480m-£540m Adj. PBT at this stage. However, with market share gains and further strategic progress in trade and e-commerce we see significant profit growth potential for Kingfisher.

We raise our FV from 340p to 355p, equivalent to 14x cal 2026 PER and a 3.5% dividend yield.

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