Profit at DIY retailer Kingfisher drops 20%, sees a further fall

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LONDON, March 21 (Reuters) - European home improvement retailer Kingfisher KGF.L reported a 20% fall in 2022-23 profit after the pandemic drove a record outcome in the previous year, and it forecast a further fall in its new financial year.

The group, which owns B&Q and Screwfix in Britain and Castorama and Brico Depot in France and other markets, said on Tuesday it made an adjusted pretax profit of 758 million pounds ($929 million) in the year to Jan. 31 2023, versus guidance of 730-760 million pounds and the 949 million pounds made in 2021-22.

Sales rose 0.7% on a constant currency basis to 13.06 billion pounds, with like-for-like sales down 2.1%.

Kingfisher said on Tuesday it was comfortable with analysts' average forecast for adjusted pretax profit in 2023-24 of 633 million pounds.

It said it was seeing resilient underlying sales trends in its new financial year, with February like-for-like sales up 0.5%.

($1 = 0.8162 pounds)

(Reporting by James Davey; editing by Sarah Young)


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