Owner of B&Q and Screwfix sees 17.6 per cent sales boost as locked-down consumers rush to spruce up their homes
Locked-down consumers doing up their homes have given B&Q owner Kingfisher a lift as sales jumped over the past three months.
Total group sales jumped 17.6 per cent to £3.5 billion for the quarter to October 31, with a 17.4 per cent increase in likefor-like sales.
The group, which also runs Screwfix in the UK, saw likefor-like sales growth cool to 12.6 per cent in the first weeks of the current quarter as it was impacted by a tightening of Covid restrictions across Europe.
It noted that all its stores remain open to customers despite lockdown measures, due to their essential trading status.
The company also told investors that it has rapidly grown its online business during the pandemic, with e-commerce sales up 153 p er cent in the third quarter.
UK sales were 21.5 per cent higher during the period, with B&Q posting 23.9 per cent revenue growth as it saw particularly strong sales for outdoor products.
S crewfix delivered 17.4 per cent growth as it continued to have solid sales with trade customers.
Richard Hunter, head of markets at Interactive Investor, said: “A lack of travel and more time in the new office at home have both played into King fisher’ s hands, where sales continue to rocket.
“As with many other companies in the current environment, a previously announced transformation plan has been vastly accelerated through necessity.
"For King fisher, this has resulted in a jump in e -commerce sales of 153 per cent as the company gears up its offering at pace.”
Kingfisher chief executive Thierry Ga r ni er said :“We achieved strong sales growth in the third quarter across all retail banners and categories, with higher footfall and average transaction value.
“Our growth was supported by strong market demand, as consumers spent more time in their homes and focused on improving them.
“Overall, we believe that the renewed fo cus on homes is supportive for our markets.
Fur thermore, we are confident that the strategic and operational actions we have taken so far are helping us to build a strong foundation for long-term growth.”