Kingfisher plc reports impressive sales increases at B&Q and Screwfix
The latest set of trading results released by Kingfisher plc, owners of Screwfix and B&Q, are inline with sales trends witnessed in the wider home improvement sector. Q3 20/21 sales (three months ending 31st October 2020) were 23.9% up at B&Q and 17.4% at Screwfix.
The accompanying statement on the supply chain and availability proves theses issues are being felt across the whole construction sector…..
‘We continue to be faced with polarised demand within our categories and, in particular, strong demand levels within the paint, decorating materials, outdoor, building materials and kitchen ranges, where vendors are challenged in keeping up with high demand levels. These challenges are being driven by a combination of capacity constraints and extended lead- times from their raw material suppliers. In addition, the pandemic continues to place a considerable strain, industry-wide, on the international logistics infrastructure. We expect these challenges to continue for at least the next six months.”
Thierry Garnier, Chief Executive Officer, said: “We achieved strong sales growth in Q3 across all retail banners and categories, with higher footfall and average transaction value. Our growth was supported by strong market demand, as consumers spent more time in their homes and focused on improving them.
“At the same time, we have made good progress against our ‘Powered by Kingfisher’ strategic priorities – the early benefits of which are enabling us to meet the current strong demand, both in-store and online, and grow our share in key markets. I am thankful for the way in which our teams continue to respond to the immense challenges of doing business in today’s environment.
“During the period we also furthered our commitment to supporting our communities. We continued to create jobs in our stores; we continued to make donations to charity partners and health authorities; and earlier this month we repaid £23 million received in the first half of the year under the UK government’s furlough programme. While there remains considerable uncertainty around COVID-19, we are confident in our ability to operate safely, to serve our customers, to look after our colleagues, and to protect our business.
“Overall, we believe that the renewed focus on homes is supportive for our markets. Furthermore, we are confident that the strategic and operational actions we have taken so far are helping us to build a strong foundation for long-term growth.”
