Kingfisher profits surge by 44% in 2020

Kingfisher, the owner of B&Q and Screwfix, saw pre-tax profits jump by 44 per cent to £786 million in 2020.

The multinational retailer’s sales grew by 7.2 per cent to £12.3 billion, compared to £11.5 billion in 2019.

E-commerce sales were up by as much as 158 per cent, with digital purchases now making up 18 per cent of total group sales, despite many of the company’s shops remaining open during the coronavirus pandemic.

This is likely due to the even bigger boost to Click & Collect sales, which were up by 226 per cent, representing 78 per cent of the company’s e-commerce sales.

Retail profit was up 27.4 per cent, which Kingfisher said was largely driven by B&Q performance.

“We are making significant progress with our longer-term strategic goals. In the area of e-commerce, by rapidly implementing changes in our stores, IT systems and supply chain, we have met the demand of our customers for speed and convenience,” said Thierry Garnier, chief executive, Kingfisher. This approach, supported by our model of placing stores at the centre, has driven rapid click & collect growth along with faster home delivery services. Group e-commerce sales grew by 158 per cent, reaching 18 per cent of our sales.

He added: “We have also accelerated the pace of development in the areas of mobile, services, store concepts and partnerships, and have many ongoing and exciting innovations in progress."

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