Kingfisher swoops on DIY demand
By Rob Freeman | 12th January 2021
The owners of B&Q and Screwfix have continued to cash in on the popularity of home improvement after reporting another strong set of sales figures.
Kingfisher said sales in the 10 weeks to January 9 were up 16.9 per cent - helped by online growth of more than 150 per cent compared with the same period a year ago.
With the company's outlets dubbed essential and allowed to remain open throughout the escalating restrictions, sales in the UK and Ireland were up 24 per cent in November and 20.8 per cent the following month.
With sales at Screwfix predicted to hit £2billion this year, pre-tax profits are expected to be near the top end of the predicted £742million.
Chief executive Thierry Garnier said: "We are confident that the strategic and operational actions we are taking are building a strong foundation for sustainable long-term growth.
"We also believe that the renewed focus on homes is supportive for our markets."
Kingfisher repaid £23million in November which had been claimed under the furlough scheme and said it will pay back £130million saved from the business rates holiday.
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