Kingfisher Issues Profit Warning
Quote from VATcal on 25/03/2024, 19:42Kingfisher, the owner of B&Q and Screwfix, has warned that its current-year profit will fall short of analysts' expectations. This comes after the home improvement retailer saw a 25% drop in earnings last year.
The company cited a cautious outlook on the overall market due to a time lag between rising housing demand and increased spending on home improvements. While the housing market might be picking up, it may take some time for people to translate that into renovating their homes.
Kingfisher's forecast for adjusted pre-tax profit for the 2024-25 financial year is between £490 million and £550 million. This falls below market expectations of £560 million.
This is not the first time Kingfisher has issued an outlook warning. The company has been struggling in recent years, and this latest announcement is likely to raise concerns among investors.
Kingfisher, the owner of B&Q and Screwfix, has warned that its current-year profit will fall short of analysts' expectations. This comes after the home improvement retailer saw a 25% drop in earnings last year.
The company cited a cautious outlook on the overall market due to a time lag between rising housing demand and increased spending on home improvements. While the housing market might be picking up, it may take some time for people to translate that into renovating their homes.
Kingfisher's forecast for adjusted pre-tax profit for the 2024-25 financial year is between £490 million and £550 million. This falls below market expectations of £560 million.
This is not the first time Kingfisher has issued an outlook warning. The company has been struggling in recent years, and this latest announcement is likely to raise concerns among investors.
