Kingfisher downgraded its annual pre-tax profit expectations to between £510 million and £540m after posting worse-than-expected quarterly sales and warned of an “uncertain” outlook. B&Q owner buoyed by brighter outlook as housing market starts to recoverIt said the slowdown in October, following its “solid” sales performance in August and September, could also be attributed to adverse weather conditions. While sales performance was solid in August and September, October saw a slowdown, driven by uncertainty in the UK and France related to government budgets and adverse weather conditions. At Screwfix, like-for-like sales increased 1.8% and sales growth of 4.6%, while B&Q experienced a decline of 1.0%, with a like-for-like dip of 0.6%. The letter, with over 80 signatories, stated: “Taken together, the retail industry’s costs could rise by up to £7bn a year.

Source: The Herald November 26, 2024 13:36 UTC