The Newshound

Kingfisher raises profit forecast to up to £635m but B&Q boss warns Labour against big-store business rates raid

From the Newshound archive · first published 22 September 2026 · last updated 23 September 2026.

Kingfisher's first-half pre-tax profit rose more than 18 per cent to £400m, even as big-ticket bathroom and kitchen sales fell 5% amid record summer heatwaves.
Kingfisher's first-half pre-tax profit rose more than 18 per cent to £400m, even as big-ticket bathroom and kitchen sales fell 5% amid record summer heatwaves.
6% sales jump helped offset a 2.9% like-for-like decline at B&Q.
6% sales jump helped offset a 2.9% like-for-like decline at B&Q.

Kingfisher lifted its full-year profit guidance to between £595m and £635m after underlying pre-tax profits rose 9.9% to £404m in the six months to July, beating analyst expectations. Outgoing chief executive Thierry Garnier warned Labour not to penalise larger stores in its Budget business rates reform, calling them "very often big anchors in retail parks and high streets." Screwfix drove the uplift with like-for-like sales jumping 5.6%, while B&Q dragged, with big-ticket items down 8.1% in the second quarter. Kingfisher shares surged more than 8.5% to a six-month high on the results.

B&Q's bathroom ranges 'underperformed subdued markets', prompting Kingfisher to launch a 'comprehensive' review of the product line.

Garnier, who is leaving after nearly seven years to lead Dutch supermarket group Ahold Delhaize, flagged a 'mixed' consumer environment even as margins expanded.

A one-off £14m business rates refund flattered the headline profit figure — stripping it out, underlying profit growth was 6.1% rather than 9.9%.

MoreDaily MailB&Q owner sounds alarm over business rates raid on larger storesLBCKingfisher delivers profit upgrade despite flagging B&Q salesThe IndependentScrewfix sales surge help Kingfisher raise profit forecast amid B&Q strugglesCity A.M.B&Q sales slip but owner Kingfisher lifts profit targetReutersKingfisher raises annual profit outlook after strong first half - ReutersYorkshire Post'Stolen the show': Shares leap in B&Q owner Kingfisher after annual profit outlook is hiked - Yorkshire PostInvesting.comKingfisher profit beats estimates as margins expand, FY27 guidance raised - Investing.com
Read today's full feed at The Newshound →