The owner of B&Q and Screwfix has announced that pre-tax profits across the business fell by 20 per cent during the financial year ended 31 January 2023.

Like-for-like sales at international home improvement retailer Kingfisher were down by over two per cent compared to the previous year, with 11 per cent of all group sales coming from energy and water-saving products.

The company said that lower retail profits, which were down by just under a fifth from £1.1 billion in 2021 to £923 million last year, were largely driven by “very strong” prior year comparatives in the UK, Ireland, and France.

The results are no surprise after the retailer cut profit guidance by £10 million at the end of last year, revealing that higher energy prices and increased staff wages were impacting the business.

Chief executive of Kingfisher Thierry Garnier express optimism about its latest results, suggesting that like-for-like sales across all markets in both DIY and DIFM/trade channels were up 15.6 per cent compared to pre-pandemic levels.

“We have maintained a sharp focus on pricing to deliver value to our customers during this challenging period for household finances, while at the same time managing our cost inflation pressures effectively,” added Garnier.

He said that Kingfisher is confident in the growth of the industry and the company’s strategic priorities supporting growth ahead of markets, announcing that the organisation's medium-term financial priorities will focus on growth, cash generation, and higher returns to shareholders.

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