Kingfisher(US:KGFHY)2022-09-20 16:02Financial Performance - H1 sales reached £6,809 million, a decrease of 2.8% [67] - Like-for-like (LFL) sales decreased by 4.1%, but showed a 3-year LFL increase of 16.6% [12] - Adjusted Profit Before Tax (PBT) was £472 million, down 29% but up 40% compared to 2019 [12] - The interim dividend was declared at 3.80p, and a new £300 million share buyback program was announced in May 2022 [12] Geographic Performance - UK & Ireland sales were £3,221 million, with LFL sales down 11.6% but a 3-year LFL increase of 16.0% [68] - France sales were £2,325 million, with LFL sales down 3.0% but a 3-year LFL increase of 13.6% [68] - Poland sales were £913 million, with LFL sales up 25.9% and a 3-year LFL increase of 23.8% [68] E-commerce - Total e-commerce sales decreased by 19%, but showed a 3-year growth of 156%, representing 16% penetration compared to 7% in H1 19/20 [12] - B&Q marketplace launched in March 2022, achieved 100k new SKUs in <6 months and marketplace participation of 8% in August 2022 [50, 53] Strategic Initiatives - The company is managing cost inflation through own brands, discount banners, and competitive price index [32] - The company is actively managing operating costs and inventories to mitigate the impact of inflation [41] - The company is expanding Screwfix in the UK, Ireland, and France, with 821 stores open as of July 31, 2022 [54, 55]