B&Q boosted by loft insulation sales surge

SALES of loft insulation materials have more than doubled, the owner of B&Q has said, as customers try to improve the energy efficiency of their homes as bills soar.

Kingfisher, which also owns Screwfix, said sales of loft insulation rolls increased by 108pc for the three months to Oct 31, compared with the same period last year.

The company also reported a 29pc increase in sales of smart thermostats and kits and a 34pc rise for thermostatic radiator valves, which are designed to keep rooms at a constant temperature.

It comes a week after Jeremy Hunt, the Chancellor, announced average household energy bills will rise to £3,000 a year from April 2023 as Russia’s invasion of Ukraine continues to keep oil and gas prices high.

Kingfisher reported a 0.6pc increase in sales to £3.26bn over the three months to Oct 31, compared with the same period last year. Like-for-like sales were 0.2pc higher for the quarter.

It said DIY shops also benefited from many people continuing to work from home.

Thierry Garnier, the chief executive, said: “While the market backdrop remains challenging, DIY sales continue to be supported by new industry trends such as more working from home and a clear step-up in customer investment in energy saving and efficiency.”

Kingfisher has started an energy savings service, which Mr Garnier said has had a “very positive take-up” from customers.

Kingfisher added that it has seen a “good start” to trading in the new quarter, with like-for-like sales growth of 3pc over the three weeks to Nov 19.

However, the company reduced its profit guidance slightly due to wage inflation, “slightly higher” energy costs and investments in its Screwfix France opening plan.