Kingfisher loses 1% in London after reporting adjusted EPS down 26.4% to 21.9 pence, and adjusted pre-tax profit down 25.1% to £568 million, in line with its targets.

Sales fell by 3.1% on a like-for-like basis to almost £13 billion, with positive trends in the UK and Ireland, but sales in France and Poland impacted by a more difficult consumer environment.

The DIY retailer, which operates the B&Q, Screwfix and Castorama banners, has launched a £300 million share buyback program and will propose a stable dividend of 12.40 pence per share for the past year.

At this stage of the first accounting quarter, Kingfisher reports a 2.3% decline in like-for-like sales. For the full year, it expects adjusted pre-tax profits of between £490 and £550 million.

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