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Summary
- Kingfisher plc reported a 17.2 per cent spike in its sales in the three months to 31 October
- The group’s e-commerce sales increased 153 per cent in Q3
- Kingfisher has repaid £23 million, which it had received under the British government’s furlough programme in the first half of this year.
UK retail company Kingfisher plc reported a 17.2 per cent spike in its sales in the three months to 31 October, majorly driven by robust demand of “do it yourself” (DIY) during the pandemic.
The group, which is the owner of B&Q and Screwfix in the UK, said its total sales grew 17.6 per cent on a constant currency basis to £3.5 billion in the third quarter of this financial year.
The sales figures of B&Q were up in the UK and Ireland mainly due to robust demand for climate-related outdoor goods with a hot spell in August. The Screwfix’s sales grew as the construction sector gained momentum after Britain’s first lockdown was relaxed. Screwfix has launched 17 new stores in Britain in the third quarter and opened four more stores in Ireland. However, the group revealed that its growth slackened to 12.6 per cent in the fourth quarter due to the imposition of the second lockdown in the UK.
Commenting on the latest sale figures, CEO Thierry Garnier said the firm has achieved a robust sales growth in the third quarter across all its retail brands and categories. The spike in sales growth can be attributed to the robust market demand with consumers staying at home and looking to improve it. The company not only added more jobs but also ensured to make donations to the healthcare institutions and charity partners during the pandemic times.
Garnier also said that the group has repaid £23 million which it had received under the British government’s furlough programme in the first half of this year.
In the meantime, the spread of Covid-19, which prompted frequent lockdowns across the UK, had boosted digital shopping. The group’s e-commerce sales increased 153 per cent in Q3, and now it represents 17 per cent of the total group sales against 8 per cent in the same period in the last year.
The group has said the Brexit transition period is set to end on 31 December and the company has taken all the required measures to ensure the smooth export at the border of necessary goods and services to Ireland.
Besides B&Q and Screwfix, the group also owns Castorama and Brico Depot in France.
Earlier in September, Kingfisher had completed the sale of Castorama Russia to Maxidom, a prominent home improvement firm in Russia for £73 million.
