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.”
Kingfisher have released their half year results for the six months ended 31 July 2020.
The results demonstrate a resilient performance in H1 with strong sales recovery in Q2 as well as a stronger demand for home improvement across their markets. However, sales were down 1.1% in constant currency, reflecting adverse impact of COVID-19 in Q1 being partially offset by strong recovery in Q2.
In its home market in Great Britain and in Ireland the DIY retailer increased sales by 3.7 per cent (like-for-like: 2.4 per cent) to GBP 2.753 bn (EUR 3.002 bn). Furthermore, E-commerce sales at Kingfisher are up 164%; now representing 19% of total Group sales in comparison with 7% last year.
Chief Executive Officer, Thierry Garnier, said: “We delivered a resilient financial performance in the first half of the year, with the adverse impact of COVID-19 in Q1 offset by a strong recovery in Q2. This recovery has continued into Q3 to date, with growth across all banners and categories.” He continued “The crisis has prompted more people to rediscover their homes and find pleasure in making them better.”
Since the Covid-19 crisis hit Europe, Kingfisher and its businesses in Europe have ringfenced all their remaining stock of personal protective equipment (PPE) so it can be donated to frontline healthcare workers. Already protective eye-wear and masks, worth over £200,000, have been provided to the UK’s National Health Service. Kingfisher also confirms it has ordered a further three million face masks from suppliers in China and Israel, which it expects to arrive towards the end of April. These will be donated to the health authorities in the UK, France, Poland and Romania, or used to equip its colleagues who are facilitating online and click & collect orders in stores.
Read more at: www.diyweek.net
On account of the coronavirus situation, Kingfisher has put back the publication of its sales figures scheduled for 24 March 2020, by two weeks; this was in response to a request by the Financial Conduct Authority addressed to the country’s listed companies. Kingfisher has released unaudited figures, however, indicating that the company’s total sales in fiscal 2019/2020 (ended 31 January 2020) came to £11.513 bn. This equates to a drop of 1.5% from the previous year and 0.8% less in constant currency. The British group achieved a sales increase of 1.0% in Great Britain and Ireland, but only thanks to growth of nearly 10% by Screwfix, as sales at B&Q shrank. In France, Castorama and Brico Dépôt jointly saw their sales fall by 3.2% (both adjusted for currency and for currency and sales area). An increase in sales was recorded in Poland and Romania.
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Screwfix Sandyford and Swords in Dublin along with a Waterford store all opened last month, with more stores planned for 2020. As part of Screwfix’s expansion plans, there is the potential for the business to open up to 40 stores over the coming years, creating over 400 employment opportunities in Ireland. The vacancies will be available in a variety of areas such as retail management, service assistants and supervisor roles. Each store will stock 10,000 products, from power tools and work wear to heating and electrical with 24,000 products available to order online and over the phone for delivery and collection from store. Screwfix CEO, John Mewett, said: “We’re extremely excited to be launching Screwfix stores in Ireland to help tradespeople get their jobs done quickly, affordably and on time. The creation of bricks and mortar stores in Ireland is a major milestone for us and a direct result of the increasing demand from Irish tradespeople for our fantastic range of products.”
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EDRA/GHIN are delighted to announce the addition of two new board members. Thierry Garnier, CEO of Kingfisher, taking the place of outgoing CEO Véronique Laury. Furthermore the Board have co-opted Jorma Rauhala, Deputy CEO/Pres: Building & Tech Trade Division of Kesko, the largest Scandinavian home improvement company, to their number.
Screwfix now has its first location in Ireland. The rapidly expanding sales channel in the British Kingfisher group has opened a branch in Sandyford in the south of the Greater Dublin area. There are currently 655 Screwfix stores in Great Britain.
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