TIDMKGF
RNS Number : 6132M
Kingfisher PLC
12 May 2020
Kingfisher plc
Company update
12 May 2020: Kingfisher plc ('Company', 'Group' or 'Kingfisher')
is today providing its Q1 20/21 sales, and an update on how it is
managing the impact of COVID-19 on its business.
Key points
-- Q1 20/21 sales of GBP2.2 billion, down 24.0% in constant currency; LFL(1) down 24.8%.
- Trading up to 14 March continued the positive trends seen in
Q4 19/20, reflecting operational improvements in France and the
implementation of a new trading approach across the Group,
including reintroducing trading events.
- Balance of quarter saw significant impact from COVID-related disruption.
-- Committed to colleague and customer safety, our obligations
as a responsible employer, and support for communities and
governments during the COVID-19 pandemic.
-- Quickly adapted operating model driving:
- Strong e-commerce growth (up to fourfold growth since mid-March),
- Phased reopening of stores in the UK and France in the second half of April, and
- Improving relative sales trend (Group LFL sales moved from
(74.0)% in first week of April to +2.7% in first week of May).
-- Effective actions taken to reduce costs and preserve cash.
-- Sufficient liquidity headroom against assumption of prolonged
period of reduced sales, based on current cash balance(2) of
c.GBP700 million.
-- Additional liquidity arrangements provide further security,
over and above existing cash balance:
- Eligibility confirmed for Bank of England's Covid Corporate Financing Facility.
- EUR600 million (c.GBP525 million) term facility, guaranteed by
the French State, arranged with three French banks.
- Additional Revolving Credit Facility for GBP250 million agreed.
-- As at 8 May 2020, the Company had access to over GBP2 billion in total liquidity
-- Continuing to follow the FCA's recommendations regarding publication of FY 19/20 results.
Unaudited Q1 20/21 sales (three months ended 30 April 2020)
Sales % Total % Total % LFL
2020/21 Change Change Change
------------------------- --------- --------- ------------------ ------------------
GBPm Reported Constant currency Constant currency
UK & Ireland 1,095 (14.7)% (14.7)% (16.0)%
- B&Q 663 (22.1)% (22.1)% (21.8)%
- Screwfix 432 (0.1)% (0.1)% (4.7)%
France 596 (41.5)% (42.0)% (41.5)%
- Castorama 300 (43.6)% (44.0)% (43.6)%
- Brico Dépôt 296 (39.3)% (39.8)% (39.2)%
Other International 464 (12.8)% (11.2)% (13.6)%
- Poland 320 (7.8)% (6.0)% (9.6)%
- Romania(3) 43 10.6% 11.2% 2.3%
- Iberia(4) 43 (46.8)% (47.2)% (47.2)%
- Russia(3) 58 (7.6)% (2.9)% 4.4%
Total Group 2,155 (24.0)% (24.0)% (24.8)%
------------------------- --------- --------- ------------------ ------------------
Thierry Garnier, Chief Executive Officer, said:
"Since the COVID-19 crisis started, our priorities have been
clear - to provide support to the communities we serve, to fulfil
our obligations to colleagues as a responsible employer, to our
customers as a retailer of essential goods, and to protect our
business for the long term.
"Having initially closed our stores in France and the UK, we
have rapidly adapted how we operate to meet the essential needs of
our customers safely during lockdown. We started by transforming
our operations to meet a material increase in online transactions
through our click & collect and home delivery services. We
reconfigured our retail space and processes, allowing a phased and
safe reopening of stores whilst preserving the social distancing
and other health & safety protocols that are likely to be with
us for some time. In addition, we have donated over GBP1 million of
PPE to frontline health workers, with more on the way.
"We have also taken significant actions throughout the business
to reduce costs and protect cash, in part supported by governments.
Our current cash balance provides us with sufficient financial
headroom based on assumptions of a prolonged period of reduced
sales. Over and above this we have put in place some further
liquidity arrangements, including support from the UK and French
governments, which give us additional security in case of even more
severe scenarios. Overall, the operational and financial actions we
have taken give us a sound footing in the current crisis and
beyond.
"It has been inspiring and humbling for all of us to see how
Kingfisher's teams have risen to meet these significant challenges.
We have adapted to government guidelines, listened to colleague and
customer feedback, and made major changes to our operating model in
a matter of days. These challenging times have underscored both the
agility of our teams and the importance to customers of our
offering, which gives me a lot of confidence for the future."
Supporting our communities and governments
Kingfisher reaffirms its commitment to supporting communities
and governments in managing the COVID-19 pandemic. As a responsible
retailer we are focused on making sure that we can continue to
serve our customers' essential needs as effectively as possible,
while protecting the safety of all concerned.
As part of this commitment, in March we ringfenced all remaining
stock of personal protective equipment (PPE) and donated it to
frontline healthcare workers. Total committed donations to our
communities and health authorities amount to over GBP1 million so
far. Additional PPE continues to be ordered and as a priority is
being donated to health authorities in the countries in which we
operate as well as being used to equip our colleagues.
Update on Kingfisher's operational status
Social distancing and safety measures
Based on government advice and learnings from the operating
protocols set by Castorama in Poland and major food retailers
across Europe, all reopened Kingfisher stores are operating with
strict social distancing and safety measures. The measures put in
place to protect customers and colleagues include:
-- The provision of gloves, visors and masks to colleagues
-- Limiting the number of customers in store
-- Safe queuing before entering the store
-- Sanitiser stations throughout the store
-- Floor navigational markers to help enforce social distancing
-- Perspex screens at checkouts
-- Contactless or card payments only(5)
Similar measures are also in place at our distribution and
fulfilment centres, and training has been provided to colleagues to
help support and implement these changes to their work
environment.
In most cases, the measures applied have gone beyond government
recommendations in each market. Furthermore, we have set up formal
and regular internal audits of the application of health, hygiene
and safety rules. To date these measures have been met with strong
approval by both customers and colleagues and we will continue to
both monitor and improve the effectiveness of these on a day-to-day
basis.
Operational status by market
Following our previous update on 23 March 2020, over 95% of our
stores are currently either open and/or offering a contactless
click & collect service:
Stores
Number of stores open Stores offering contactless click & collect only
----------------------- ------------------ ------ ------------------------------------------------
B&Q 289 288 -
Screwfix 683 - 683
----------------------- ------------------ ------ ------------------------------------------------
United Kingdom 972 288 683
----------------------- ------------------ ------ ------------------------------------------------
Republic of Ireland 13 - -
----------------------- ------------------ ------ ------------------------------------------------
Castorama 99 99 -
Brico Dépôt 121 121 -
----------------------- ------------------ ------ ------------------------------------------------
France 220 220 -
Poland 81 81 -
Romania 35 35 -
Spain 28 - -
Portugal 3 3 -
----------------------- ------------------ ------ ------------------------------------------------
Iberia 31 3 -
Russia 18 4 14
----------------------- ------------------ ------ ------------------------------------------------
Total 1,370 631 697
The current status in each of our markets is as follows:
-- United Kingdom:
- On 23 March the UK government ordered the closure of all shops selling 'non-essential' goods.
- Hardware shops have been categorised as 'essential', and
therefore B&Q and Screwfix are eligible to remain open.
- Despite this, from 23 March, we took the decision to close all
B&Q and Screwfix stores to customers for browsing and in-store
purchasing while we established the safe store operating protocols
described above.
- To ensure the continued supply of essential goods, from 24
March we progressively introduced a contactless click & collect
service for our B&Q and Screwfix customers, alongside a home
delivery service.
- On 17 April we trialled the reopening of 14 B&Q stores,
listening to feedback from our store colleagues and adapting our
approach as a result. Following the success of this trial we
progressively reopened further B&Q stores (288, to date).
- For all 683 Screwfix stores, we continue successfully to offer
a contactless click & collect service under similarly strict
social distancing and safety measures.
-- Republic of Ireland:
- Since 28 March, all stores in Ireland (eight B&Q and five
Screwfix) have been closed following the Irish government's
lockdown restrictions, which apply until 18 May.
- Hardware shops were categorised as 'online only', and therefore not eligible to remain open.
- The government announced plans on 1 May to ease lockdown
restrictions. We are actively monitoring our position with regards
to potential store reopenings.
- In the meantime, Screwfix is offering a home delivery service from its stores.
-- France:
- On 14 March the French government ordered the closure of all
shops selling 'non-essential' goods during the confinement period,
which ended on 11 May.
- Kingfisher's 220 stores in France were categorised as
'essential', and therefore were eligible to remain open during this
period.
- To establish safe store operating protocols, from 15 March all
stores were closed to customers for browsing and in-store
purchasing. A contactless click & collect service via
'drive-through' was gradually introduced from 23 March, alongside a
home delivery service.
- Home delivery from stores commenced during the third week of April.
- Following consultation with trade union representatives in
stores and head offices, from 24 April we started to reopen
Castorama and Brico Dépôt stores in phases, with a 'self-service'
range only and under the strict social distancing and safety
measures described above.
- As of 11 May, all 99 Castorama stores and 121 Brico Dépôt
stores have reopened, under the same strict measures.
-- Poland:
- All 81 stores in Poland remain open, operating with strict
social distancing and safety measures.
- Contactless click & collect and home delivery services remain available.
- In addition to the existing Sunday trading ban, all stores in
Poland were temporarily required to close on Saturdays. This
restriction was lifted on 4 May.
-- Romania:
- All 35 stores in Romania remain open, operating under strict
social distancing and safety measures.
-- Iberia:
- All 28 stores in Spain remain closed following the
government's declaration of a state of emergency on 14 March.
Stores could reopen from late May, in line with the government's
plan to ease lockdown restrictions as announced on 28 April.
- A home delivery service in Spain was made available in late
March, and a click & collect service for tradespeople was
launched in late April.
- Our three stores in Portugal remain open, operating under
strict social distancing and safety measures.
-- Russia:
- 14 out of 18 stores are closed for browsing and in-store
purchasing, with one store open and three partly reopened.
- A contactless click & collect service is available in 14
stores and 'click & delivery' is available from all stores.
Trading since 1 February 2020
Q1 20/21 LFL sales by month
Q1 20/21 sales % LFL(1) Change
-------------------------------
(unaudited) Feb 2020 Mar 2020 Apr 2020
-------------------------------- --------- --------- ---------
UK & Ireland +6.2% (5.7)% (43.0)%
France +8.6% (52.0)% (69.0)%
Poland +11.1% (13.7)% (20.4)%
Romania(3) +16.4% +15.9% (15.0)%
Total Group(6) incl. leap year +7.6% (24.6)% (49.6)%
-------------------------------- --------- --------- ---------
Total Group(6) excl. leap year +2.3%
-------------------------------- --------- --------- ---------
E-commerce sales(7) +30.2% +59.0% +251.7%
March, April and May to-date LFL sales by week
Sales: 4 weeks % LFL(1) Change
to
28 March 2020
----------------------------------------------------------------------
(unaudited) Mar 2020 week Mar 2020 week Mar 2020 week Mar 2020 week
1(8) 2(8) 3(8) 4(8)
---------------- ---------------- ---------------- ---------------- ----------------
UK & Ireland +2.1% +8.6% +37.8% (42.2)%
France (0.2)% +5.6% (97.7)% (93.3)%
Poland +3.6% +3.7% (21.7)% (23.7)%
Romania +9.1% (1.3)% (4.8)% (47.1)%
Total Group(6) +1.5% +6.4% (22.9)% (59.1)%
---------------- ---------------- ---------------- ---------------- ----------------
E-commerce
sales(7) +28.4% +23.9% +49.5% +96.2%
Sales: 6 weeks % LFL(1) Change
to
9 May 2020
-------------------------------------------------------------------
(unaudited) Apr 2020 Apr 2020 Apr 2020 Apr 2020 Apr 2020 May 2020
week week week week 4(8) week 5(8) week 1(8)
1(8) 2(8) 3(8)
----------------- --------- --------- --------- ---------- ---------- ------------
UK & Ireland (70.3)% (56.1)% (60.8)% (23.9)% (1.6)% +18.9%
France (86.8)% (83.3)% (77.0)% (63.1)% (35.2)% (18.7)%
Poland (52.0)% (38.9)% (42.1)% +14.5% (8.8)% +35.8%
Romania (48.6)% (28.4)% (27.9)% (5.3)% +42.4% +16.0%
Total Group(6) (74.0)% (64.8)% (64.6)% (35.6)% (17.5)% +2.7%
----------------- --------- --------- --------- ---------- ---------- ------------
E-commerce
sales(7) +159.7% +277.9% +273.6% +307.0% +186.7% +199.0%
Up to 14 March (pre-coronavirus lockdown measures)
As previously announced, trading from 1 February up to 14 March
(before any COVID-related store closures) continued the positive
trends we saw in Q4 19/20, benefiting from operational improvements
in France and a new trading approach across the Group, including
local trading events.
In February 2020, Group LFL sales growth was +7.6%, or +2.3%
excluding the leap year impact. In France, we performed slightly
better than the market(9) in February.
In the first two weeks of March (up to and including 14 March)
Group LFL sales continued to be positive, with growth across all
businesses within our core markets, strongly supported by
e-commerce sales.
Weekly trading since 14 March
In the third week of March, the UK continued to see positive LFL
sales growth, France was severely impacted by the closure of all
its stores and Poland experienced lower footfall and sales. The
fourth week of March was impacted by UK store closures following
the government's announcement on 23 March, together with lower
footfall in Romania.
The first week of April reflected the first full week of store
closures in both the UK and France, although we saw an increasing
contribution from e-commerce sales in France. The trend improved in
the second and third weeks of April as e-commerce sales increased
week-on-week in the UK and France. Furthermore, in France we
started to reopen some of our stores' Building & Joinery
external courtyards in the third week of April.
The fourth week of April reflected a significant improvement in
the UK at both B&Q and Screwfix, largely due to increasing
demand via contactless click & collect, and the reopening of
some B&Q stores towards the end of the week. In addition, the
trend in France improved as we opened more of our stores' Building
& Joinery external courtyards. Poland experienced growth as
lockdown measures started to be eased.
In the final week of April and first week of May, the Group LFL
sales trend continued to improve due to phased store reopenings in
the UK and France (as noted in the 'Operational status by market'
above). Sales growth in the first week of May was largely driven by
exceptional demand at B&Q and Castorama Poland.
Actions to reduce costs and preserve cash
Kingfisher continues to monitor closely the financial impact of
COVID-19 and take mitigating actions. It has implemented multiple
actions to reduce costs and preserve cash, including the benefit
from several government support measures:
-- Furloughing: Kingfisher welcomed the announcement of the
Coronavirus Job Retention Scheme (CJRS) in the UK, 'activité
partielle' relief measures in France, and similar schemes in Spain
and Romania. The Group is supportive of each of these government's
measures and, since mid-March 2020, gradually announced furlough
programmes to colleagues in the UK, France, Spain and Romania. This
initially led to c.50% of our total Group colleagues being
furloughed, although this figure is reducing significantly as we
reopen stores in the UK and France.
-- UK business rates: The UK government announced in March that
retail premises in England will be granted a 'holiday' from paying
business rates in the 2020/21 tax year. Kingfisher's annual
business rates bill for retail premises in England is c.GBP120
million. Similar measures (a combination of payment deferrals and
'holidays') have been announced by the local governments and
assemblies of Scotland, Wales and Northern Ireland, where in
aggregate our annual business rates bill for retail premises is
c.GBP20 million.
-- Store operating efficiencies: In conjunction with our
furlough programmes and the operational requirements of our stores,
other measures have been put in place to reduce store variable
costs, including reducing non-essential store maintenance costs and
optimising store opening hours.
-- Discretionary costs: Discretionary P&L spend has been
significantly reduced, including marketing, advertising,
consumables and other GNFR spend, stopping all travel, and freezing
all pay reviews and full-time staff recruitment.
-- Inventory purchases: Beyond the corresponding reductions from
lower sales, we have adjusted our purchasing plans in response to
the significant changes in operational requirements across our
Group. We continue to monitor trends in demand closely, working
with suppliers to reduce product purchasing in certain categories,
and increase stock in others.
-- Capital expenditure: All non-committed development capital
expenditure (for example, IT and new stores) has been stopped and
repairs and maintenance capital expenditure has been reduced to
essential items. Obligatory contractual, legal or health and safety
expenditures continue.
-- Dividend: As announced on 23 March 2020, in light of the
unprecedented uncertainty caused by COVID-19, the Board will not
propose a final dividend in relation to FY 19/20. The Board intends
to consider the appropriateness, quantum and timing of future
dividend payments when it has a clearer view of the scale and
duration of the impact of COVID-19 on the business. The cash cost
of last year's final dividend was GBP157 million.
-- Rental payments: We remain in active discussions with
landlords in all our markets and have seen a positive and
constructive response. In the UK and France, we have moved a
significant proportion of our quarterly-in-advance rental payments
to monthly payments.
-- Deferral of indirect taxation (VAT) payments: The UK
government announced in March that all UK VAT-registered businesses
have the option to defer any VAT payments due between 20 March 2020
and 30 June 2020. Payments must be made on or before 31 March
2021.
-- Deferral of tax and social security payments in France: The
French government has permitted the deferral of corporate income
tax in March, along with social security payments for April.
-- Other working capital optimisation measures: We are taking
other steps to optimise working capital in the short term,
including mutual agreements with certain larger suppliers to extend
payment terms by 30 days or more. Notwithstanding this, we have
maintained our policy to pay all suppliers in full and according to
contractual payment terms.
Board and Group Executive team remuneration
In recognition of the impact of the above measures on the
Company's stakeholders and, at the request of the Board and Group
Executive team, in March the Company's Remuneration Committee
applied the following discretionary measures regarding executive
remuneration:
-- The entire Board and Group Executive team has voluntarily
offered to temporarily forego 20% of their base salaries or Board
fees.
-- The Group CEO and Group CFO will receive no annual FY 19/20 bonus payment.
Cash and liquidity update
Cash position
As at 31 January 2020, the Company had cash and cash equivalents
of GBP195 million. Kingfisher drew down on its two Revolving Credit
Facilities (RCFs) totalling GBP775 million on 17 March 2020. The
RCFs expire in March 2022 (GBP225 million) and August 2022 (GBP550
million).
As at 8 May 2020, the Company had cash at bank(2) of c.GBP700
million.
Since the start of FY 20/21, over a 14-week period, the
Company's net cash outflow (10) was c.GBP250 million. This reflects
lower sales over the last eight weeks, along with significant
payments to suppliers during this period for orders made prior to
the coronavirus crisis (in anticipation of the Company's usual peak
trading period).
Given: (i) adjustments made to the Company's forward purchasing
plans, (ii) the impact of the actions detailed above to reduce
costs and preserve cash, and (iii) the reopening of stores in the
UK and France, the Company anticipates that it will be able to
recover the cash outflows of the past weeks over the course of the
year, assuming a gradual recovery of sales levels.
Liquidity headroom
The Company has sufficient liquidity headroom with its current
cash balance to cover a prolonged period of reduced sales, based on
the expected impact of lockdown restrictions and the gradual
recovery of sales thereafter.
To further protect the Company against extended lockdown
measures and deeper periods of disruption than currently planned
for, the Company has secured access to additional funding
arrangements.
The Company has received confirmation of its eligibility for the
Bank of England's Covid Corporate Financing Facility (CCFF).
In addition, the Company has arranged a EUR600 million (c.GBP525
million) term facility with three French banks in support of its
operations in France. The loan is guaranteed at 80% by the French
State ('Prêt garanti par l'État') and will have a maturity of one
year, extendable for up to five years. Under the terms of the loan,
the full amount must be drawn down shortly after confirmation of
the guarantee by the French State.
Finally, the Company has agreed an additional RCF of GBP250
million with a syndicate of its relationship banks. This facility
is currently undrawn, and expires in May 2021.
These funding arrangements are not anticipated to be used under
our current planning assumptions (notwithstanding the requirement
to draw down on the Prêt garanti par l'État as noted above). They
do however provide the Company with significant additional
liquidity headroom. As at 8 May 2020, the Company had access to
over GBP2 billion in total liquidity, including cash at bank and
eligibility to access funding under the CCFF, Prêt garanti par
l'État and the additional RCF.
Update on publication of FY 2019/20 preliminary financial
statements
As announced on 23 March 2020, the Company complied with the
Financial Conduct Authority's (FCA) strong request to all listed
companies to delay the publication of preliminary financial
statements for at least two weeks.
The Company notes the FCA's subsequent statement on 26 March
2020, announcing temporary relief measures for corporate reporting
during the coronavirus crisis. This temporary relief permits listed
companies an extra two months (six months in total) from their
financial year-end in which to publish audited financial
statements. The FCA furthermore strongly recommends that listed
companies review all elements of their timetables for publication
of financial information in order to make appropriate use of the
time available within regulatory deadlines to ensure accurate and
carefully prepared disclosures.
The Company confirms that it will continue to follow the FCA's
recommendations. During this rapidly changing period of
uncertainty, the additional time will give the Company the
opportunity to assess the day-to-day changes in events within our
markets, gather further information on the expected duration of the
measures that governments are taking to contain the crisis, and
review and refine its planning assumptions accordingly.
Footnotes
(1) Like-for-like sales growth representing the constant
currency, year on year sales growth for stores that have been open
for more than a year. Stores temporarily closed or otherwise
impacted due to COVID-19 are also included.
(2) Represents cash at bank excluding physical cash in tills and
cash in transit.
(3) Kingfisher's subsidiaries in Romania and Russia prepare
their financial statements to 31 December. Their Q1 results
presented are for January to March, with monthly results also
presented one month in arrears. The weekly results presented have
no corresponding delay.
(4) Brico Dépôt Spain & Portugal.
(5) Notwithstanding the legal obligation in some markets to
accept cash as payment.
(6) Total Group including Iberia and Russia. Excludes Koçta ,
Kingfisher's 50% JV in Turkey.
(7) E-commerce sales are sales derived from online transactions,
including click & collect. This includes sales transacted on
any device, however not sales through a call centre. E-commerce
sales change includes UK & Ireland, France and Poland, and the
benefit from the leap year.
(8) March, April and May weekly sales figures are for
Sunday-to-Saturday weeks from 1 March 2020 (compared against prior
year Sunday-to-Saturday weeks from 3 March 2019). The figures are
provisional, and exclude certain non-cash accounting adjustments
relating to revenue recognition.
(9) Based on Banque de France data for DIY retail sales
(non-seasonally adjusted).
(10) Represents net change in cash at bank excluding physical
cash in tills and cash in transit, excluding drawdown on RCFs.
Information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain. This announcement is being released on behalf of
Kingfisher by Paul Moore, Company Secretary.
Contacts
Tel: Email:
Investor Relations +44 (0) 20 7644 1082 investorenquiries@kingfisher.com
Media Relations +44 (0) 20 7644 1030 corpcomms@kingfisher.com
Teneo +44 (0) 20 7420 3184 Kfteam@teneo.com
About Kingfisher plc
Kingfisher plc is an international home improvement company with
over 1,350 stores in nine countries across Europe. We operate under
retail brands including B&Q, Castorama, Brico Dépôt, Screwfix
and Koçta , supported by a team of over 76,000 colleagues. We offer
home improvement products and services to consumers and trade
professionals who shop in our stores and via our e-commerce
channels. At Kingfisher, our purpose is to make home improvement
accessible for everyone.
Forward-looking statements
You are not to construe the content of this announcement as
investment, legal or tax advice and you should make your own
evaluation of the Company and the market. If you are in any doubt
about the contents of this announcement or the action you should
take, you should consult a person authorised under the Financial
Services and Markets Act 2000 (as amended) (or if you are a person
outside the UK, otherwise duly qualified in your jurisdiction).
This announcement has been prepared at a time when the Company's
accounts are not yet finalised and the Company is still preparing
its financial results for the full year ended 31 January 2020. The
financial information referenced in this announcement is not
audited and does not contain sufficient detail to allow a full
understanding of the results of the Group. It has been necessary to
make an announcement in response to the COVID-19 pandemic health
crises causing countries in which the Group operates to react in
ways that impact the freedom of movement of citizens and changing
normal working, living and supply and demand patterns. Nothing in
this announcement should be construed as either an offer or
invitation to sell or any offering of securities or any invitation
or inducement to any person to underwrite, subscribe for or
otherwise acquire securities in any company within the Group or an
invitation or inducement to engage in investment activity under
section 21 of the Financial Services and Markets Act 2000 (as
amended).
Certain information contained in this announcement may
constitute "forward-looking statements" (including within the
meaning of the safe harbour provisions of the United States Private
Securities Litigation Reform Act of 1995), which can be identified
by the use of terms such as "may", "will", "would", "could",
"should", "expect", "anticipate", "project", "estimate", "intend",
"continue", "target", "plan", "goal", "aim" or "believe" (or the
negatives thereof) or other variations thereon or comparable
terminology. These forward-looking statements include all matters
that are not historical facts and include statements regarding the
Company's intentions, beliefs or current expectations and those of
our Officers, Directors and employees concerning, amongst other
things, the Company's results of operations, financial condition,
changes in global or regional trade conditions, changes in tax
rates, liquidity, prospects, growth and strategies, acts of war or
terrorism worldwide, work stoppages, slowdowns or strikes, public
health crises, outbreaks of contagious disease or environmental
disaster. By their nature, forward-looking statements involve
inherent risks, assumptions and uncertainties that could cause
actual events or results or actual performance of the Company to
differ materially from those reflected or contemplated in such
forward-looking statements. For further information regarding risks
to Kingfisher's business, please consult the risk management
section in the company's Annual Report (as published). No
representation or warranty is made as to the achievement or
reasonableness of and no reliance should be placed on such
forward-looking statements.
The Company does not undertake any obligation to update or
revise any forward-looking statement to reflect any new information
or change in circumstances or in the Company's expectations.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDEASSAFSLEEEA
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