Outlook looking sunny for B&Q
By Sarah Wood | 22nd July 2020
B&Q owner Kingfisher has bumped up its profit forecast after a surge in demand during lockdown continued into the summer, thanks to good weather.
More time at home during the coronavirus pandemic has meant more DIY projects and an increase in sales of gardening products while the sun shone, as reported by Sky.
Kingfisher, which also owns Screwfix, said sales were up by 21.6 per cent between the end of April and 18th July, including both a surge in online sales and the benefits of reopened stores.
Gardening and other outdoor products including plants, compost, decking and fence paint proved popular for B&Q, which has stores in Cheltenham, Gloucester and Stroud, as did painting and decorating kits, plus tools and building materials.
Kingfisher saw an initial 25 per cent fall in sales in the first quarter to the end of April. While sales have bounced back, like-for-like sales are still down 3.7 per cent on the year to date.
But based on the strong sales in the second quarter, Kingfisher expects to see profits for the six months to the end of July ahead of the same period last year.
Demand rose by 25.9 per cent in June and is still up by nearly 20 per cent in July. Online sales across the group were up 225 per cent in June.
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