Kingfisher lifts profit outlook as Screwfix offsets B&Q slump

Kingfisher raised its full-year profit guidance on Tuesday after adjusted pre-tax profit rose 9.9% to £404 million in the six months to July 31, 2026, as growth at Screwfix offset weaker sales at B&Q. The FTSE 100 retailer, which owns B&Q and Screwfix in the UK and Castorama and Brico Dépôt in France, now expects full-year 2026-27 adjusted pre-tax profit of £595 million to £635 million, up from its previous range of £565 million to £625 million. The group also lifted its free cash flow guidance to £480 million to £520 million, from £450 million to £510 million. First-half performance was supported by gross margin expansion of 70 basis points to 38.4%, cost control and a one-off £14 million UK business rates refund. Excluding the refund, adjusted pre-tax profit increased 6.1%. Statutory pre-tax profit rose 18.4% to £400 million, while statutory sales increased 0.8% to £6.86 billion and underlying like-for-like sales grew 0.3%. Trading was uneven across the group's banners. B&Q like-for-like sales in the UK and Ireland fell 1.8% in the second quarter, with big-ticket items down 8.1%, driven largely by lower demand for bathroom ranges. That decline was an improvement on the 4.