Europe: Kingfisher Full Year Results Demonstrate Impact of Covid-19.

On Monday the 22nd of March Kingfisher released their full year results. The group, which operates about 1,380 B&Q and Screwfix stores in the UK and Ireland, reported adjusted pre-tax profits of £756m in the year to 31 March, up 634% from £103m the previous year.

Overall sales, including the group’s operations in countries such as France and Poland, climbed 7.2% to £12.3bn. Click and collect sales surged 226% and account for more than three-quarters of all e-commerce sales, up from 62% in the previous financial year.

The company announced earlier in March it would be opening 50 Screwfix stores in the UK and Ireland this year, creating 600 new jobs.

“The Covid crisis has established new longer-term trends that are clearly supportive for our industry – including more working from home, the renewed importance of the home as a ‘hub’, and the development of a new generation of DIYers – and we expect these to endure,” said Thierry Garnier, the chief executive of Kingfisher.
“With our strategic progress, we are well positioned to capitalise on these new and positive market trends.”