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Shares in DIY chain Kingfisher have jumped by over 5% at the start of trading, after it raised its earnings forecasts.
Kingfisher, which operates B&Q and Screwfix in the UK and Ireland, and DIY chains abroad including in France, Spain, Poland and Romania, has upgraded its full year adjusted profit before tax guidance to £540m-£570m, up from £480m-£540m previously.
“We delivered another quarter of high quality, volume-led growth, driven by our Group strategic initiatives in e-commerce and trade and by our performance in core and ‘big-ticket’ categories. B&Q, Screwfix and Iberia continue to strongly outperform their markets. Our performance to date and progress in our strategic initiatives give us the confidence to upgrade our full year profit guidance.
As we look ahead, we are committed to driving shareholder returns through the consistent execution of our strategic priorities and by being disciplined on margin and costs.”
“Since setting our medium-term targets in 2023 we have made significant progress, delivering a 46% improvement in profit before tax, adding 9% this year through the continued, successful execution of our strategy. easyJet holidays is today launching an even more ambitious goal having achieved its target early.
“Our focus on investing in operations and enhancing customer experience, providing the warmest welcome in travel, has delivered improved punctuality, enhanced customer satisfaction and cost efficiencies this year.
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