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Gloucestershire Business News

Dip in sales for B&Q

DIY retailer B&Q - with its largest UK store in Gloucester - has seen a small decline in sales as business returns to normal post-Covid.

The stores' parent company Kingfisher - which also owns Screwfix - reported a third quarter fall of 3.5% compared with the same time last year, but sales are still up 15.7% like-for-like on two years ago.

For B&Q the fall was more marked at 5.6%, but up 17.1% on two years ago.

Thierry Garnier, Chief Executive Officer, said: "Kingfisher has delivered another successful quarter, with 2-year LFL sales growth of 15% and strong growth across both retail and trade channels, and across all categories.

"These are even stronger sales trends given the backdrop of an increasingly 'normalised' consumer spending environment. Demand remains supported by what we believe are enduring new industry trends, including more working from home."

The company says it is continuing to increase its market share. Investment to drive long-term growth, includes further improvements to the e-commerce platform and Screwfix's launch in France.

The company is also says it has clear plans to deliver on its carbon reduction targets and to become 'forest positive'.

Garnier added: "We have entered our final quarter with positive momentum and now expect sales and profits to be towards the higher end of our previously guided ranges."

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