B&Q owner’s sales hit by end of lockdown-fuelled DIY boom

SALES have dropped at B&Q owner Kingfisher after a pandemic-fuelled DIY boom lost steam.

The company revealed total revenues of £3.25bn for the three months to Oct 31, following a 2.4pc decline in likefor-like sales against the same period last year.

Kingfisher failed to keep pace with the strong growth it saw last year as customers in lockdown took the opportunity to spruce up their homes and gardens, but like-for-like sales were still up 15pc against pre-pandemic levels.

Kingfisher reported a 3.5pc decline in like-for-like sales in the UK as it was weighed down by decline at B&Q.

The retail group said B&Q has seen “resilient demand” but it dropped against “very strong” comparative figures from last year.

It hailed strong sales of outdoor, building and joinery items against prepandemic levels, while B&Q’S tradefocused arm Tradepoint saw continued growth. B&Q also opened two new stores in the quarter, including concession within an Asda supermarket store.

Meanwhile, the FTSE 100 group was boosted by Screwfix, which posted a 4pc jump in sales.

The trade tools and hardware retailer saw particularly strong demand and was boosted by its expansion, with the chain opening 11 stores over the quarter.

Kingfisher added that it has seen a “strong start” to the fourth quarter and is positive about its profitability for the year. It said it is on track to post adjusted pre-tax profits at the top end of its range of between £910m and £950m for the financial year,

Thierry Garnier, chief executive of Kingfisher, said: “Since the start of this year we have maintained, and in many cases improved, our product availability, which is amongst the best in our industry. This has supported our market share gains.” Shares were down nearly 4pc yesterday.