Home improvement retailer Kingfisher has issued its third profit warning in six months, stating that current-year profit will fall short of analysts' expectations [8929d85c]. The company reported an operating profit of £580 million for 2023, down 20% from the previous year, with sales falling 0.6% to £12.98 billion [8929d85c]. This marks the third time Kingfisher has warned on its outlook in the past six months [8929d85c]. Despite the decline in sales and profit, Kingfisher will keep its dividend unchanged at 12.4 pence [8929d85c].
The latest profit warning from Kingfisher comes as the home improvement retailer continues to face challenges in its sales performance [8929d85c]. The company has been struggling to meet analysts' expectations and has experienced a decline in sales over the past year [8929d85c]. Kingfisher's sales fell 0.6% to £12.98 billion in 2023, compared to the previous year [8929d85c]. The company's operating profit also declined by 20% to £580 million [8929d85c]. Despite these challenges, Kingfisher has decided to maintain its dividend at 12.4 pence [8929d85c].
Kingfisher's profit warning reflects the ongoing difficulties faced by retailers in the home improvement sector [8929d85c]. The company's sales decline is part of a broader trend of retailers struggling to meet consumer demand and navigate the challenges of the current economic environment [8929d85c]. Kingfisher's warning on its outlook for the third time in six months highlights the uncertainty and volatility in the market [8929d85c]. The company will need to address these challenges and find ways to boost sales and profitability in order to regain investor confidence [8929d85c].