TIDMKGF
RNS Number : 7899F
Kingfisher PLC
19 November 2020
Kingfisher plc
Q3 trading update to 31 October 2020
Sales of GBP3.5 billion, up 17.6% in constant currency; LFL(1)
up 17.4%
19 November 2020: Kingfisher plc ('Company', 'Group' or
'Kingfisher') is today providing its Q3 20/21 sales, together with
an update on how it continues to manage the impact of COVID-19 on
its business.
Key points
-- Continuing to make good progress against 'Powered by Kingfisher' strategic priorities
-- Q3 20/21 total Group sales of GBP3.5 billion, up 17.6% in
constant currency; Group LFL(1) sales up 17.4%
o Strong performance across all retail banners and categories,
with growth in overall footfall and average transaction value
o Q3 Group e-commerce sales up 153%; now 17% of total Group
sales (Q3 19/20: 8%)
o Click & collect sales up 216%, accounting for 77% of Group
e-commerce sales (Q3 19/20: 61%)
-- Q4 20/21 Group LFL sales (2) (to 14 November 2020) up 12.6%,
largely reflecting the impact of more recent temporary lockdown
measures
-- All Kingfisher stores are currently open; remain committed to
meeting the essential needs of customers safely and ensuring
colleague safety and wellness
-- Repaid GBP23 million previously received under UK Government Job Retention Scheme
-- Disposal of Castorama Russia completed for consideration of c.GBP73 million(3)
Unaudited Q3 20/21 sales (three months ended 31 October
2020)
Sales % Total % Total % LFL
2020/21 Change Change Change
--------------------------------- --------- --------- ------------------ ------------------
GBPm Reported Constant currency Constant currency
UK & Ireland 1,576 +21.5% +21.5% +19.9%
- B&Q 1,016 +23.9% +23.9% +24.0%
- Screwfix 560 +17.4% +17.4% +12.8%
France 1,227 +17.9% +16.6% +19.2%
- Castorama 648 +19.9% +18.6% +23.2%
- Brico Dépôt 579 +15.8% +14.5% +15.1%
Other International (ex-Russia) 583 +10.0% +11.4% +9.5%
- Poland 414 +8.3% +10.2% +7.5%
- Iberia(4) 96 +19.1% +18.1% +18.1%
- Romania(5) 73 +9.6% +10.6% +10.6%
Total Group (ex-Russia) 3,386 +18.1% +17.9% +17.7%
--------------------------------- --------- --------- ------------------ ------------------
- Russia(6) 77 (12.3)% +5.6% +6.3%
Total Group 3,463 +17.2% +17.6% +17.4%
--------------------------------- --------- --------- ------------------ ------------------
Thierry Garnier, Chief Executive Officer, said:
"We achieved strong sales growth in Q3 across all retail banners
and categories, with higher footfall and average transaction value.
Our growth was supported by strong market demand, as consumers
spent more time in their homes and focused on improving them.
"At the same time, we have made good progress against our
'Powered by Kingfisher' strategic priorities - the early benefits
of which are enabling us to meet the current strong demand, both
in-store and online, and grow our share in key markets. I am
thankful for the way in which our teams continue to respond to the
immense challenges of doing business in today's environment.
"During the period we also furthered our commitment to
supporting our communities. We continued to create jobs in our
stores; we continued to make donations to charity partners and
health authorities; and earlier this month we repaid GBP23 million
received in the first half of the year under the UK government's
furlough programme. While there remains considerable uncertainty
around COVID-19, we are confident in our ability to operate safely,
to serve our customers, to look after our colleagues, and to
protect our business .
"Overall, we believe that the renewed focus on homes is
supportive for our markets. Furthermore, we are confident that the
strategic and operational actions we have taken so far are helping
us to build a strong foundation for long-term growth."
Trading since 1 August 2020
LFL sales by month during Q3
Monthly sales % LFL(1) Change
------------------------------------------
Aug 2020 Sep 2020 Oct 2020 Q3 20/21
--------------------------------- --------- --------- --------- ---------
UK & Ireland +18.0% +22.0% +19.8% +19.9%
France +15.0% +16.7% +26.1% +19.2%
Other International (ex-Russia) +10.6% +11.3% +6.7% +9.5%
- Poland +7.5% +10.2% +5.0% +7.5%
- Iberia +19.5% +20.4% +14.4% +18.1%
- Romania(5) +18.0% +7.1% +6.8% +10.6%
Group LFL (ex-Russia) +15.5% +18.2% +19.7% +17.7%
--------------------------------- --------- --------- ---------
Russia(6) +6.4% +5.5% +7.0% +6.3%
--------------------------------- --------- --------- --------- ---------
Group LFL(7) +15.3% +17.8% +19.4% +17.4%
--------------------------------- --------- --------- --------- ---------
E-commerce sales(8) +160.0% +159.4% +140.5% +152.6%
Q3 trading highlights (in constant currencies)
UK & IRELAND
Total sales +21.5% (LFL +19.9%).
-- B&Q sales +23.9%. LFL +24.0% reflecting strong demand in
all categories, in particular outdoor. LFL sales of weather-related
categories were up 45.2%. LFL sales of non-weather-related
categories, including showroom, were up 18.5%. The new kitchen
range continues to perform well, and installation services will be
reintroduced into all UK stores by January 2021.
-- Screwfix sales +17.4%. LFL +12.8% reflecting stronger demand
from trade customers. The business continued to strengthen its
overall customer proposition, including ongoing investments in
price. During Q3, 17 new outlets were successfully opened in the UK
and four in the Republic of Ireland.
FRANCE
Total sales +16.6% (LFL +19.2%). LFL sales for the home
improvement market (as measured by Banque de France data(9) ) were
up 17.7% in Q3. Our LFL sales performance in France has
outperformed the market in each of the last five months, driven by
ongoing operational improvements, the addition of new local ranges,
and the strong performance of our own exclusive brands ('OEB')
ranges.
-- Castorama sales +18.6%. LFL +23.2% reflecting strong demand
in all categories, in particular outdoor, and the success of
trading events in the period. Additional Sunday store openings
contributed c.+2% to LFL sales. LFL sales of weather-related
categories were up 43.7%. LFL sales of non-weather-related
categories, including showroom, were up 19.3%. Three stores were
closed during Q3 as part of the previously announced store closure
programme, two of which will be converted to Brico Dépôt stores
next year.
-- Brico Dépôt sales +14.5%. LFL +15.1% reflecting strong demand
in all categories ( in particular outdoor and building &
joinery), more trading events, and the upweighting of special
promotions ('arrivages') as the business continues to strengthen
its discounter credentials.
OTHER INTERNATIONAL
-- Poland sales +10.2 %. LFL +7.5% reflecting good demand in all
categories, with particular strength in outdoor and surfaces &
décor. LFL sales of weather-related categories were up 13.0%. LFL
sales of non-weather-related categories, including showroom, were
up 6.9%. Two new stores were opened during Q3.
-- Iberia sales +18.1%. LFL +18.1% reflecting the continued
strong demand seen in Spain following the phased reopening of
stores from late May 2020.
-- Romania sales +10.6%. LFL +10.6% reflecting good demand
across most categories, in particular outdoor.
As previously announced, Kingfisher completed the sale of
Castorama Russia to Maxidom, a leading home improvement company in
Russia, on 30 September 2020. Of the total consideration of RUB
c.7.4 billion (c.GBP73 million(3) ), 80% was received at the
closing of the transaction. The remaining 20% is to be received in
equal instalments over the next two years.
Operational status
All our c.1,370 stores are currently open for in-store
purchasing and click & collect, under strict social distancing
and safety protocols. For reference, the current lockdown
restrictions and operational status in each of our markets is noted
in the 'Supplementary information' section below, as of 17 November
2020.
Recent weekly trading trends (to 14 November)
Q4 20/21 Group LFL sales (to 14 November 2020) are up 12.6%,
largely reflecting the impact of more recent temporary lockdown
measures. To update on recent trading trends, the table below shows
weekly sales data by market for the last six weeks.
Sales: 6 weeks % LFL(1) Change
to
14 November 2020 October November
week week week week week week
1(10) 2(10) 3(10) 4(10) 1(10) 2(10)
----------------- -------- -------- -------- -------- -------- ---------
UK & Ireland +18.1% +15.4% +19.6% +20.5% +31.6% +17.3%
France +16.4% +19.0% +14.2% +41.3% (5.6)% +8.2%
Other
International +10.8% +11.5% +9.5% +4.3% +2.8% +5.8%
- Poland +6.8% +11.0% +8.1% +0.7% +1.6% +7.6%
- Iberia +30.2% +7.8% +5.6% +10.0% (2.5)% (8.5)%
- Romania +11.1% +19.3% +22.6% +17.7% +19.1% +16.6%
Group LFL(7) +16.2% +16.0% +16.0% +25.4% +13.1% +12.0%
----------------- -------- -------- -------- -------- ---------
E-commerce
sales(8) +145.3% +136.5% +135.0% +138.4% +144.2% +155.9%
In the first three weeks of October, trading was strong with all
banners growing LFL sales. In the final week of October, France saw
exceptional demand in the days leading up to a national lockdown
which commenced on 30 October. In Poland, LFL sales were adversely
impacted by the timing of a national public holiday.
Sales growth in the first week of November was largely driven by
exceptional demand in the UK, particularly at B&Q, ahead of the
commencement of the national lockdown in England on 5 November. In
France, sales growth was impacted by the pull forward of demand
seen in the previous week. Poland and Iberia sales were also
impacted by lower footfall related to concerns over COVID-19. In
the second week of November we saw robust demand across the UK,
France, Poland and Romania, although Iberia sales continued to be
impacted by lower footfall.
Managing the impact of COVID-19
Throughout the COVID-19 crisis, Kingfisher has been committed to
implementing swift and effective measures to support our clear
priorities - to serve our customers as a retailer of essential
goods, to look after our colleagues as a responsible employer, to
provide support to the communities in which we operate, and to
protect our business for the long term.
The following section provides an update on how we are managing
the impact of COVID-19 on our business.
Risk management
Kingfisher's central and retail business crisis committees
continue to meet on an ongoing basis to monitor and manage risks
and impacts of COVID-19. These committees continue to monitor
closely the impact on all areas of our business, as well as
ensuring publicly available advice is followed and that appropriate
safeguards are quickly implemented.
Social distancing and safety measures
All our Kingfisher stores operate under strict social distancing
and safety measures to protect customers and colleagues. Similar
measures are also in place at our distribution and fulfilment
centres, and our corporate offices. In addition, we have also
provided support for safe home working where relevant, including
risk assessments and the provision of office equipment.
In most cases, the measures applied have gone beyond government
recommendations in each market, which has been met with strong
approval by both customers and colleagues. Taking into
consideration the recent announcement of further temporary
restrictions across our markets relating to COVID-19, we continue
to both monitor and improve the effectiveness of these measures on
a day-to-day basis.
Supporting our colleagues
Over the last 12 months, Kingfisher has hired approximately
3,500 colleagues(11) into its stores in the UK, France, and
Poland.
Kingfisher is committed to ensuring the safety of colleagues in
our stores, our distribution and fulfilment centres and in our
offices, while also providing proactive support for wellness and
mental health during this period of unprecedented challenges. We
have invested significant time and resources in Group-wide
colleague engagement activities and initiatives, as well as
ensuring that the tireless efforts of our colleagues during the
pandemic are rewarded through frontline staff bonuses.
We have made dedicated training and support available for all
line managers on leading through a crisis, leading remotely, and
supporting their teams' mental health and wellbeing. Following our
annual colleague engagement survey conducted over the summer, we
implemented several actions related directly to the provision of
advice and psychological support for colleagues, as well as general
support on wellbeing.
As part of our commitment to build a responsible and inclusive
business, in September we launched Kingfisher's '1+1 Sharing In Our
Future' plan, which gives all Kingfisher colleagues the opportunity
to become shareholders. To date we have seen a good take-up, with
participation from colleagues across all our business areas.
Supporting our communities and governments
Throughout the crisis we have been active in supporting our
communities and governments, while focusing on making sure that we
can safely serve our customers' essential needs as effectively as
possible. To date, total committed donations to our communities,
charity partners and health authorities amount to over GBP3
million.
Earlier this month we repaid the GBP23 million received in the
first half of the year under the UK Government's Job Retention
Scheme. Since 1 July, no claims have been made under furlough
programmes in the UK (including the Job Retention Bonus) and
France. Colleagues who are unable to work due to being high-risk,
vulnerable, or self-isolating, continue to have their salaries paid
by the Group.
Supply chain and availability
We continue to be faced with polarised demand within our
categories and, in particular, strong demand levels within the
paint, decorating materials, outdoor, building materials and
kitchen ranges, where vendors are challenged in keeping up with
high demand levels. These challenges are being driven by a
combination of capacity constraints and extended lead-times from
their raw material suppliers. In addition, the pandemic continues
to place a considerable strain, industry-wide, on the international
logistics infrastructure. We expect these challenges to continue
for at least the next six months.
We continue to work closely with key vendors to speed up
production and accelerate our supply chain within these specific
categories. Nevertheless, in-store availability is currently below
last year, reflecting the high and volatile levels of demand we
have been experiencing. We will continue to work hard on improving
product availability through the remainder of this year.
Brexit preparation
We are continuing with our planning to meet the requirements of
either a new trading relationship with the EU or, if no trade
agreement is reached, the UK abiding by World Trade Organisation
(WTO) rules. We have taken several measures to mitigate delays at
the border as far as possible and to ensure readiness for exporting
to the Republic of Ireland, such as securing access to simplified
customs procedures and adapting our OEB packaging to be suitable
for UK and EU markets.
We are continuing with our vendor engagement programme to ensure
their readiness to operate under a hard border with the UK,
providing support where needed.
On tariffs, in the event that no Free Trade Agreement is reached
with the EU, and the UK's new Global Tariff (UKGT) is applied, we
expect that EU and non-EU imports would attract an average tariff
of c.2% on our products. This would be slightly lower than the
current average duty rate for all direct imports into the UK,
although this excludes any potential indirect exposures (for
example from UK-based vendors).
Cash and liquidity update
Overall, the Group has significant liquidity headroom with its
current cash balance. As at 17 November 2020, the Group had access
to over GBP3.5 billion in total liquidity, including cash and cash
equivalents of c.GBP2.2 billion and eligibility to access over
GBP1.3 billion of funding under the CCFF and RCFs.
As announced on 12 May 2020, Kingfisher arranged a EUR600
million (c.GBP542 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', or 'PGE'). As
required under the terms of the loan, the full amount was drawn
down on 18 May 2020. Subject to circumstances and certain
conditions being met, the Group is considering a repayment of the
loan in Q4 20/21.
Kingfisher remains eligible to access funding under the Bank of
England's Covid Corporate Financing Facility (CCFF ). In October,
HM Treasury updated their drawing limits for issuers whose
long-term credit rating has fallen to BBB-/Baa3/BBB (low) or
equivalent after 1 March 2020. As Kingfisher's Fitch and Standard
and Poor's ratings are both BBB-, Kingfisher's drawing limit is
therefore capped at a maximum of GBP300 million.
The Group also has access to undrawn Revolving Credit Facilities
(RCFs) of GBP250 million (due to expire in May 2021), GBP225
million (due to expire in March 2022) and GBP550 million (most of
which is due to expire in August 2023), totalling GBP1,025
million.
Outlook
While the strength of our Q3 performance was reassuring,
uncertainty over COVID-19 and the impact of temporary lockdown
restrictions in most of our markets continue to limit our near-term
visibility.
Overall, we believe that the renewed focus on homes is
supportive for our markets. Furthermore, we are confident that the
strategic and operational actions we have taken so far are helping
us to build a strong foundation for long-term growth.
In relation to costs, we anticipate that FY 20/21 adjusted
profit before tax will include c.GBP175 million of temporary cost
savings (including government support measures and other
non-recurring cost savings), net of any one-off COVID-related
costs.
Supplementary information
FY 2020/21 Technical guidance
Income statement:
-- Sales outlook
- Uncertainty over COVID-19 and the impact of temporary lockdown
restrictions in most of our markets continue to limit our
visibility
-- Costs
- Anticipate that FY 20/21 adjusted profit before tax will
include c.GBP175m of temporary cost savings (including government
support measures and other non-recurring cost savings), net of any
one-off COVID-related costs
- COVID-related costs(12) - expected to be c.GBP45m (previous
guidance c.GBP40m), which includes one-off and recurring
elements
- UK business rates - payment relief for parts of the UK,
effective for 20/21 tax year. c.GBP130m of Kingfisher's annual
business rates bill is eligible for this relief, of which c.GBP110m
falls in FY 20/21
- Furlough - no claims under furlough programmes in the UK
(including the Job Retention Bonus) and France since 1 July; repaid
UK furlough benefit received in H1 20/21 (c.GBP23m) in November
2020
- Central costs - expected to be c.GBP58m (previous guidance c.GBP58-60m; FY 19/20: GBP62m)
-- Net finance costs
- Expected to be in line with prior year (FY 19/20: GBP173m,
before exceptional items) due to incremental financing costs for
PGE, CCFF and RCFs, offset by impact of reduced lease liability
-- Tax rate
- Group adjusted effective tax rate expected to be c.23%(13)
(previous guidance c.24%; FY 19/20: 26%)
-- Exceptional items
- Expect to record c.GBP15-20m of restructuring costs in H2
20/21 in relation to the Group's proposed new commercial operating
model (as announced in September 2020)
Cash flow:
-- PGE - subject to circumstances and certain conditions being
met, the Group is considering a repayment of the c.GBP542m French
Term facility in Q4 20/21
-- Working capital - anticipate continued rebuild of inventory
and reversal of H1 20/21 creditor positions through H2 20/21
-- Capital expenditure - gross capex of c.GBP280m (previous
guidance up to c.GBP300m; FY 19/20: GBP342m); c.GBP70m of further
expenditure deferred into FY 21/22
-- Tax - incremental one-off cash impact this year of c.GBP50m
from HMRC accelerated UK corporation tax payments (previous
guidance c.GBP45-50m)
Previously announced 11 store closures in France:
-- All 11 stores now closed:
- 3 stores closed in France (1 Castorama, 2 Brico Dépôt) in H2 19/20
- 4 Castorama stores closed in H1 20/21
- 4 further Castorama stores closed in H2 20/21 to date, of
which 2 are to be converted to Brico Dépôt stores (opening next
year)
-- All cash costs of closures in FY 20/21 fully provided for in previous periods
Operational status by market
All our c.1,370 stores are currently open for in-store
purchasing, under strict social distancing and safety protocols.
For reference, the current lockdown restrictions and operational
status in each of our markets is noted below, as of 17 November
2020.
Country Lockdown restrictions Essential retail Kingfisher commentary
status
England National lockdown Hardware retail All B&Q and Screwfix
from 5 November to and garden centres stores open
2 December essential
--------------------------- ------------------------ ---------------------------
Scotland Tiered regional system Hardware retail, All B&Q and Screwfix
with non-essential homeware retail stores open
retail closures for and garden centres
highest 'Level 4' essential
restrictions
--------------------------- ------------------------ ---------------------------
Wales 'Firebreak' lockdown Hardware retail All B&Q and Screwfix
ended 9 November essential during stores open. During
spring lockdown the 'firebreak', discrete
and autumn firebreak non-essential areas
of stores were closed
--------------------------- ------------------------ ---------------------------
Northern National lockdown Hardware retail All B&Q and Screwfix
Ireland from 16 October with essential stores open
gradual relaxation
of restrictions from
20 to 27 November;
no retail closures
--------------------------- ------------------------ ---------------------------
Republic National lockdown Hardware retail All B&Q and Screwfix
of Ireland from 19 October to essential stores open. Closure
1 December of discrete non-essential
areas of stores
--------------------------- ------------------------ ---------------------------
France National lockdown Hardware retail All Castorama and Brico
from 30 October to essential Dépôt stores
1 December open
--------------------------- ------------------------ ---------------------------
Poland National restrictions Hardware retail All stores open. Limit
in place from 7 to essential on the number of people
29 November allowed in stores
--------------------------- ------------------------ ---------------------------
Romania National state of Hardware retail One store closed during
alert extended for 'tolerated'; weekend weekend for a period
30 days from 14 November. closures in lockdown of two weeks, in line
Local lockdowns in areas with local restrictions.
place in four areas All other stores open
(where all stores
other than supermarkets,
pharmacies and pet
shops must close during
weekends)
--------------------------- ------------------------ ---------------------------
Spain National state of Hardware retail All stores open, with
emergency declared essential in Asturias, restrictions in certain
25 October. 17 regions Aragón and areas (such as reduced
have power to impose Andalusia, but opening hours and limits
additional, varied not in other regions on the number of people
restrictions allowed in stores)
--------------------------- ------------------------ ---------------------------
Portugal National state of No national store All stores open, with
emergency from 9 to closures restrictions in certain
23 November areas (such as reduced
opening hours and limits
on the number of people
allowed in stores)
--------------------------- ------------------------ ---------------------------
Footnotes
(1) LFL (like-for-like) sales growth represents the constant
currency, year on year sales growth for stores that have been open
for more than one year.
(2) 'Q4 20/21 Group LFL sales' figures represent the period from
1 November 2020 to 14 November 2020 (compared against the
equivalent period in the prior year, from 3 November 2019 to 16
November 2019). The figures are provisional and exclude certain
non-cash accounting adjustments relating to revenue
recognition.
(3) Before cash and debt disposed with the business, costs of
disposal and final price adjustments; based on RUB/GBP foreign
exchange rate of 101.6.
(4) Brico Dépôt Spain and Portugal.
(5) Kingfisher's subsidiary in Romania prepares its financial
statements to 31 December. Its monthly and quarterly results
presented are for July to September, i.e. one month in arrears. The
weekly results presented have no corresponding delay.
(6) Kingfisher completed the sale of Castorama Russia on 30
September 2020. As the business prepares its financial statements
to 31 December, its results presented are for July to September,
i.e. one month in arrears.
(7) Group LFL includes total e-commerce sales and excludes Koçta
(Kingfisher's 50% JV in Turkey).
(8) E-commerce sales are total 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 covers the total Group.
(9) Banque de France data for DIY retail like-for-like sales
(non-seasonally adjusted). Includes relocated and extended stores
http://webstat.banque-france.fr/en/browse.do?node=5384326 .
(10) Weekly sales figures are for the Sunday-to-Saturday weeks
from 4 October 2020 (compared against prior year Sunday-to-Saturday
weeks from 6 October 2019). The figures are provisional and exclude
certain non-cash accounting adjustments relating to revenue
recognition.
(11) Net hires between 31 October 2019 and 31 October 2020,
including hires for new stores.
(12) Includes costs of PPE and social distancing, donations, new
store layouts, additional store security, and bonuses to frontline
store staff.
(13) Subject to the blend of profit within the companies'
various jurisdictions.
Contacts
Tel: Email:
Investor Relations +44 (0) 20 7644 investorenquiries@kingfisher.com
1082
Media Relations +44 (0) 20 7644 corpcomms@kingfisher.com
1030
Teneo +44 (0) 20 7420 Kfteam@teneo.com
3184
Q3 trading update and data tables
This announcement and data tables for Q3 20/21 sales can be
downloaded from www.kingfisher.com .
We can be followed on Twitter (@kingfisherplc) with the Q3
results tag #KGFQ3.
FY 20/21 results
Our next scheduled announcement will be our results for the year
ended 31 January 2021, provisionally set for 22 March 2021.
American Depository Receipts
Kingfisher American Depository Receipts are traded in the US on
the OTCQX platform: (OTCQX: KGFHY)
http://www.otcmarkets.com/stock/KGFHY/quote .
About Kingfisher plc
Kingfisher plc is an international home improvement company with
approximately 1,370 stores, supported by a team of 78,000
colleagues. We operate in eight countries across Europe under
retail banners including B&Q, Castorama, Brico Dépôt, Screwfix,
TradePoint and Koçta . 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 in relation to the financial
results for the quarter ended 31 October 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. 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, changes to customer preferences, liquidity, prospects,
growth and strategies, acts of war or terrorism worldwide, work
stoppages, slowdowns or strikes, public health crises, outbreaks of
contagious disease, environmental disruption or political
volatility. 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.
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