B&Q sales surge by 82%

B&Q has reported a huge year-on-year sales boost of 82.7 per cent to £1.2 billion in the first quarter of the year.

Compared to pre-pandemic levels, the British company still experienced a 42.3 per cent sales surge across the same period.

Kingfisher, the retailing group that owns B&Q and Screwfix, saw a 64 per cent jump in sales to £3.4 billion in the first four months of 2021.

In comparison to two years ago, the business’ sales grew by 23 per cent.

The group, which specialises in homeware and DIY stores, was able to keep many of its shops open throughout the pandemic.

In the UK, B&Q and Screwfix were deemed essential retailers and so their doors remained open.

Screwfix sales increased by 42.5 per cent to £615 million in comparison to 2020 and 32.5 per cent compared to the same period two years ago.

Overall the group’s UK and Ireland businesses, which made up more than half of the group’s total sales, saw growth of 66.8 per cent to £1.8 billion in the first quarter.

“The Group delivered strong sales growth in the first quarter, with LFL sales up 64 per cent and up by 23 per cent on a two-year basis,” said Thierry Garnier, chief executive. “Firstly, e-commerce continues to be our fastest-growing channel with two-year growth of over 250 per cent, now accounting for 21 per cent of Group sales. During the quarter we established a new agile operating model for our technology and digital teams, and further strengthened these teams with multiple new hires.”

Kingfisher also launched Screwfix as a pure-play online retailer in France last month.

The chief executive said that with such a strong start to the year, the company now anticipates first half sales and adjusted pre-tax profit to be ahead of previous expectations.

“Whilst the second half of the financial year remains naturally uncertain, we continue to see supportive long-term trends for our industry and are confident of continued outperformance of our wider markets,” added Garnier.

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