Kingfisher PLC (LON:KGF) shares topped the FTSE 100 leader board today, soaring over 7% higher as the DIY retailer posted an above-forecast increase in first-half profit and said it was still comfortable with full-year expectation although it is cautious on the second-half backdrop in both the UK and France.
In early morning trading, Kingfisher shares were up 7.2% or 21.2p at 317.6p.
Europe's largest home improvement retailer - which runs B&Q and Screwfix in Britain and Castorama and Brico Depot in France - reported an underlying pretax profit of £440mln for the six months to July 31, up 0.9% on the £436mln reported a year earlier, and above the consensus forecast of £426mln.
READ: Kingfisher decidedly under the weather as B&Q's LFL sales slump
The FTSE 100-listed firm said its first-half sales rose by 4.5% to £6.008bn, although in constant currency they were 1.3% lower, while its retail profit increased by 0.5% to £467mln.
Véronique Laury, Kingfisher’s chief executive officer, said: "Looking across our markets, we have seen solid growth at Screwfix and Poland, offset by continued weaker sales in France and some business disruption, principally reflecting product availability and clearance.”
She added: “ For the full year, we have self-help plans in place to support our overall performance and remain comfortable with full year profit expectations, though we remain cautious on the second half backdrop in the UK and France.”
The group is to pay an interim dividend of 3.33p, up 2.5% on last year’s 3.25p payout.
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