Investing.com — Shares in rose over 2% on Tuesday after the British home improvement retailer reported first-quarter 2026-27 group sales of £3.30 billion, ahead of analyst consensus of £3.29 billion, with Screwfix posting total sales of £712 million against a consensus estimate of £700.4 million.
The group said it remains on track to deliver full-year 2026-27 adjusted profit before tax of approximately £565 million to £625 million and free cash flow of approximately £450 million to £510 million.
Group underlying like-for-like sales declined 0.7% in the quarter against a strong prior-year comparator, beating consensus of a 0.9% decline. Total reported sales including marketplace rose 1.4% to £3.30 billion.
In the UK and Ireland, total sales of £1.74 billion beat consensus of £1.72 billion. Screwfix, at £712 million, exceeded the £700.4 million consensus, with core like-for-like sales of 5.1%.
B&Q posted total sales of £1.03 billion against consensus of £1.02 billion, with like-for-like of negative 3.1% in core categories.
The company said a late start to spring impacted footfall and seasonal demand. TradePoint posted like-for-like of negative 1.6%.
France’s total sales of £990 million came in below consensus of £994.1 million. Castorama reported total sales of £511 million, missing consensus of £514.6 million, with like-for-like of negative 1.1%. Brico Dépôt posted £479 million against consensus of £492.9 million, with like-for-like of negative 3.1%.
Poland’s total sales of £457 million fell short of consensus of £467 million, with like-for-like of negative 0.2%. Iberia posted like-for-like of positive 6.6%.
Jefferies analysts described the result as “in-line,” adding that Screwfix’s performance was “the key highlight.”
They said Screwfix’s “largely indoor, trade-led exposure (e.g. electrical and plumbing) proved more resilient compared to B&Q’s greater exposure to outdoor projects.” Jefferies maintained its “hold” rating with a 12-month price target of 291 pence.
“We delivered a resilient start to the year, executing well and gaining market share against a soft market backdrop. Sales including marketplace grew +0.8%, with core categories proving resilient – even as a late start to spring impacted footfall and seasonal demand. E-commerce and trade sales both delivered double-digit growth, underlining the momentum in our key growth drivers,” chief executive Thierry Garnier said in a statement.
The company said its £300 million share buyback is ongoing.