DIY boom boosts B&Q profits
By Richard Wright | 21st September 2021
B&Q owner Kingfisher rode the DIY boom in the first half of the year, smashing through the £7 billion pound sales mark.
B&Q - with its largest UK store in Gloucester and other outlets in Cheltenham and Gloucester - along with Screwfix - recorded first-half year profits of £669 million, up 61.6% on last year.
The Group saw strong growth particularly in e-commerce. More than 5,300 new jobs were created.
Thierry Garnier, Kingfisher Chief Executive Officer, said: "We have navigated well through the challenging operational impacts of the pandemic, retaining good product availability at competitive prices and operating safely.
"We have addressed many of Kingfisher's past issues, with 'fixes' now complete in the UK and Poland. We are also on track in France, with positive results from our ongoing programme to repair our ranges and optimise the logistics network. Retail profit in France more than doubled in the first half."
A new one-hour delivery proposition is now offered at Screwfix, Mobile-led and service innovations include a new Screwfix app, and a new installation service from B&Q.
The company is speeding up Screwfix's expansion in the UK & Ireland and will open its first Screwfix stores in France in 2022.
Garnier added: "Our industry is benefiting from new trends that we believe will be supportive over the long term. These include people spending more time working from home, the emergence of a new generation of DIYers, the need for greener homes, and a strong housing market. Kingfisher is well placed to capitalise on these trends and deliver sustained outperformance."
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