Kingfisher (LON: KGF) first quarter results on Wednesday are expected to be weaker as poorer weather and tighter household income deters spending away from discretionary items.

The B&Q and Screwfix owner saw sales decline 0.9% for its full year results to 31 January, with operating profit declining 36.7% to £723m. The group commented on resilient sales across DIY and DIFM that leaves the retailer well positioned heading into FY 23/24.

Like-for-like sales in February reportedly grew 0.5% and Kingfisher’s own exclusive brands made up 45% of sales as the group continues to provide cheaper own-brand ranges as inflation impacts discretionary spend.

Despite stating that “big-ticket” sales were broadly flat, the group said it expects some impact in March due to adverse weather conditions.

High inflation and a weaker housing market have continued to impact DIY retailers, as fewer consumers focus their attention on improving their homes. Morgan Stanley recently assumed a Equal-Weight rating for Kingfisher, citing over 50% upside on a three-year view, however, re-rating the group in the near-term given the housing market backdrop.

Shares of Kingfisher are currently down 14% over the last three months.