Kingfisher: shares boosted after trading update
(CercleFinance.com) - Kingfisher shares are jumping over 10% as the British home-improvement retailer said that it has continued to experience "strong demand" across its markets over the past month.
In June, Europe's second biggest sector player said second-quarter like-for-like sales to 13 June rose by 21.8%, helped by strong e-commerce growth and the reopening of its stores in the UK and France from mid-April.
Since then, second-quarter like-for-like sales to 18 July have increased by 21.6%, it said, with year-to-date sales now down just 3.7%.
Based on these strong sales, and in addition to cost reductions, the company said it expects to report year-on-year growth in its first-half adjusted pre-tax profit, without providing specific guidance for financial year 2020/2021.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
In June, Europe's second biggest sector player said second-quarter like-for-like sales to 13 June rose by 21.8%, helped by strong e-commerce growth and the reopening of its stores in the UK and France from mid-April.
Since then, second-quarter like-for-like sales to 18 July have increased by 21.6%, it said, with year-to-date sales now down just 3.7%.
Based on these strong sales, and in addition to cost reductions, the company said it expects to report year-on-year growth in its first-half adjusted pre-tax profit, without providing specific guidance for financial year 2020/2021.
Copyright (c) 2020 CercleFinance.com. All rights reserved.