Kingfisher opened 12 Screwfix stores in the UK & Ireland in H1. Credit: Pete/ Flickr (Creative Commons).

Kingfisher, owner of home improvement retailer B&Q and Screwfix, has reported an adjusted pre-tax profit (PBT) of £336m ($415.7m), down 28.8% in the first half (H1) of fiscal year (FY) 2023/24.

Total sales in H1 were £6.88bn, up 1.1% on a reported basis compared with the same period in FY22/23.

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Sales for the period declined 1.0% on constant currency and 2.2% on like-for-like (LFL) basis.

Regionally, sales in the UK & Ireland increased 1.7% on an LFL basis. Meanwhile, in France and Poland, sales dropped 3.8% and 10.9% respectively on an LFL basis.

During the period ending 31 July 2023, total e-commerce sales increased by 7.1%, driven by growth in the UK & Ireland and France.

The gross profit of Kingfisher dropped by 0.1% to £2.49bn in H1 FY23/24 and its gross margin declined by 40 basis points (bps) to 36.3%.

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The retailer reported operating profit of £367m over the period, down 30.9% from £531m in the corresponding period a year ago.

Its statutory PBT was £317m in H1 FY23/24, representing a 33.1% decline from £474m in the prior year’s period.

The company’s net debt dropped to £2.18bn as of the end of the period compared to £2.27bn as of 31 January 2023.

Kingfisher chief executive officer Thierry Garnier said: “Our LFL sales in H1 were slightly ahead of expectations, against a backdrop of unseasonal weather and ongoing macroeconomic challenges in our markets.

“We saw good growth in our UK banners, with Screwfix gaining significant market share. At the same time, we faced strong comparatives and a weaker trading environment in Poland while consumer confidence in France is at a ten-year low.

“Overall, demand for our core and ‘big-ticket’ categories was healthy and we were pleased to see an improving volume trend in these categories through the half.”

Kingfisher expects adjusted PBT to be £590m for the full year of 2023/24.