Kingfisher earnings preview: Can B&Q owner sustain momentum amid European weakness?
Kingfisher, the FTSE 100 home-improvement retailer behind B&Q and Screwfix, is set to report its full-year results on 24 March 2026, with investors focused on whether recent operational momentum can be sustained against a still-uncertain consumer backdrop across Europe.
Kingfisher is expected to report similar revenue to full-year 2025 results but stronger pre-tax profit and earnings per share compared to a year ago.
Revenue:
£12.88 billion, 0.7% above its FY 2025 £12.78 billion result.
Pre-tax profit:
£556 million, around 5% higher than a year ago.
Earnings per share (EPS):
23.12 pence, around 13% higher than a year ago.
Strong first-half momentum sets the baseline
The company’s most recent half-year update (covering H1 2025/26) provides a solid foundation heading into the upcoming release. Kingfisher reported group sales of around £6.81 billion, with like-for-like sales up 1.9%, alongside adjusted pre-tax profit of £368 million, up 10.2% year-on-year (YoY).
Performance was supported by strong execution across its strategic priorities, particularly double-digit growth in trade and e-commerce, which helped drive market-share gains despite a mixed macroeconomic environment.
Margins also improved, with gross margin expanding by around 100 basis points, while free cash flow rose to £478 million, reflecting tighter cost control and improved inventory management.
Trade, e-commerce and UK strength drive performance
Kingfisher’s UK operations — especially B&Q and Screwfix — have been a key source of strength providing substantial contribution. The group has benefitted from increased demand from trade customers, loyalty programmes and improved in-store execution, alongside continued expansion in digital channels.
The shift towards trade customers is particularly important for investors, as this segment tends to be more resilient than discretionary DIY spending and offers higher frequency purchases. Meanwhile, e-commerce growth has provided an additional lever for sales expansion and margin improvement.
Mixed conditions in continental Europe
Despite strong UK performance, conditions in France and Poland remain more challenging creating geographic divergence. Previous updates have pointed to weaker consumer sentiment and softer demand in these markets, particularly for big-ticket items such as kitchens and bathrooms, which are more sensitive to interest rates and housing market conditions.
Investors will therefore be looking for signs of stabilisation in these regions in the upcoming results, as sustained weakness could offset progress elsewhere in the group.
Guidance and capital allocation in focus
Kingfisher previously raised its full-year profit and free cash flow guidance, targeting the upper end of its £480 million – £540 million adjusted profit range, supported by strong first-half performance.
The company also accelerated its £300 million share buyback programme, underlining confidence in its cash-generation capabilities since buybacks reduce share count and thereby enhance earnings per share (EPS).
In the upcoming 24 March results, investors will assess whether this improved guidance remains intact and whether management continues to prioritise shareholder returns alongside investment in growth initiatives.
What investors will watch on 20 March
Heading into the results, three areas are likely to dominate investor focus beyond headline figures:
- Like-for-like sales trends, particularly whether underlying growth has continued in the UK and stabilised in France.
- Margin progression, given ongoing cost pressures and promotional activity across the retail sector.
- Consumer demand outlook, especially in big-ticket categories tied to housing and renovation activity.
Recent share price movements suggest a degree of caution remains in the market, with Kingfisher stock still trading below recent highs despite short-term gains, reflecting uncertainty around the consumer outlook and sector recovery.
Kingfisher analyst rating and technical analysis outlook
According to LSEG Data & Analytics, analysts rate Kingfisher as a ‘hold’ with a long-term mean price target at 320.23 pence, around 9% above current share price levels, as of 20 March 2026.