Following today’s release of Kingfisher’s full year results for the year ending 31 January 2026; Ashley Adeyemi, retail analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “Kingfisher has delivered a modest return to growth, with group sales up 0.2% and underlying like-for-like sales increasing 1.4%, marking a much needed improvement on last year’s decline. Crucially, this reflects a shift in two areas that had previously held the group back. Big-ticket has returned to growth, particularly in the UK, while France has stabilised, with sales down just 0.4% compared to a 6.1% decline last year. Profitability has also strengthened, with adjusted pre-tax profit rising 6.0% and gross margin expanding by 80bps, reflecting better cost control, improved sourcing and a growing contribution from marketplace. This improvement is being underpinned by progress in its core growth drivers. Trade sales rose 12% to £3.9bn, now accounting for 30% of group revenue, supported by expanded ranges, dedicated in-store services and stronger fulfilment. Digital is also scaling effectively, with e-commerce penetration reaching 21%, driven by marketplace expansion, broader range and click and collect, which continues to enhance both convenience and availability.
“Screwfix continues to set the pace within the group, delivering sales growth of 4.5% and l-f-l growth of 3.2%, underpinned by broad-based volume gains and a proposition that remains tightly aligned to the needs of trade professionals. B&Q is also showing more convincing progress, with l-f-l growth of 3.3% and a return to growth in big-ticket, up 6.2%, supported by innovation in kitchens, particularly the success of its Ashmead range, now its leading volume driver. While this outpaces the 4.4% growth seen in rival Wickes’ big-ticket design & installation division (FY2025), gaps remain in adjacent categories such as bathrooms, where Wickes’ clearer tiered proposition and more consistent execution continues to resonate more strongly with customers. Wickes also continues to outperform in core DIY, with mid-single digit growth driven by stronger execution in everyday categories, while its TradePro business grew 9%, outpacing TradePoint’s 5.2% increase and highlighting a more mature and embedded trade ecosystem.
“International performance remains more challenging, but here too the trajectory is improving. In France, l-f-l sales declined 2.2%, broadly in line with a market down around 3%, reflecting continued pressure on big-ticket categories as elevated savings rates weigh on discretionary spend. That said, there are signs of progress. Trade is scaling rapidly, particularly at Brico Dépôt where sales rose 26.1%, while Castorama is benefiting from the rollout of its CastoPro proposition and ongoing store restructuring, with early improvements in sales density. Poland shows a similar trend, with overall sales broadly flat and profit decline, but with significant momentum in trade (46.6%), highlighting where future growth will come from. While Kingfisher is improving its position across these markets, demand remains the key constraint.
“Looking forward, Kingfisher’s focus on scaling trade and strengthening its digital ecosystem is clearly the right one, with both areas delivering consistent momentum and offering a more resilient foundation for growth. However, the external backdrop remains challenging. Ongoing geopolitical tensions, particularly in the Middle East, risk feeding through into higher energy and freight costs while also weighing on housing activity and consumer confidence. This is particularly relevant for B&Q, where the recent improvement in big-ticket remains exposed to any slowdown in discretionary spend. While trade and repair-driven demand should provide some support, they are unlikely to fully offset weakness in larger projects, meaning that despite clear operational progress, Kingfisher is likely to remain in a position of managing through the cycle rather than capitalising on it.”
