Kingfisher flies amid lockdown DIY demand

B&Q owner Kingfisher has finally begun to turn around its fortunes – as DIY boomed in lockdown.

Sales were down by just 1.3pc in the first six months of the year. Most of the hit came in the first quarter, as shops were forced to close. But by the third quarter, the firm said it was achieving double-digit growth on the same time last year.

the pick-up prompted Kingfisher to hand back £23m of furlough money it had taken to cover staff wages. It will also not be accepting the £1,000-per employee bonus promised by Chancellor rishi Sunak for firms who bring staff back from furlough.

results covering the six months to July 31, revealed pre-tax profit shot up by 62pc to £ 398m, mainly driven by its cost-cutting, as it has been negotiating down its leases, simplifying its business and improving its sourcing.

Chief executive thierry Garnier said: ‘the crisis has prompted more people to rediscover their homes and find pleasure in making them better.’

Despite the optimism, Kingfisher said there was still more uncertainty on the horizon and it decided not to pay a dividend.