B&Q nails it in DIY boom
KINGFISHER PROFITS ROCKET BY 44%
THE owner of B&Q is banking on a new generation of DIYers to build on a bumper year.
Kingfisher saw a growing “do-itfor-me” trend before the pandemic struck – especially among younger home owners with fewer DIY skills.
However, the Covid crisis prompted more people to tackle jobs themselves, either because of concerns around having tradespeople in their home, to save money or for a hobby.
Kingfisher boss Thierry Garnier said: “The Covid crisis has established new longer-term trends that are clearly supportive for our industry – including more working from home, the renewed importance of the home as a ‘hub’, and the development of a new generation of DIYers – and we expect these to endure.”
The prediction came as Kingfisher, which has nearly 1400 stores across the UK, Ireland and Europe, reported a strong set of annual results as it resumed dividend payouts. Sales rose 7.1 per cent to £12.3billion, with profits soaring 44.4 per cent to £786million – smashing analysts’ forecasts. As it was deemed an essential retailer, Kingfisher’s stores – including Screwfix in the UK and Castorama and Brico Depot in France – were allowed to stay open during the past year’s lockdowns. Online sales jumped 158 per cent and now account for 18 per cent of takings – compared with 8 the year before. Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said: “In terms of taking advantage of the DIY boom during the pandemic, Kingfisher has nailed it.”