B&Q owner sees sales soar on home improvements during pandemic
Group warns about uncertainty over lockdowns
B&Q owner Kingfisher says it had seen a surge in demand during the Covid-19 pandemic. Photograph: iStock
Home improvement retailer Kingfisher on Thursday reported a 17.4 per cent jump in underlying sales over the third quarter to October 31st as it continued to benefit from the popularity of DIY during the pandemic.
However, the group, which owns B&Q and Screwfix in Ireland and Britain and Castorama and Brico Depot in France and other markets, said underlying or like-for-like sales growth slowed to 12.6 per cent in its fourth quarter so far to November 14th, largely reflecting the impact of more recent lockdowns.
The pandemic has meant people are spending more time at home, have fewer leisure options and are travelling less.
“Our growth was supported by strong market demand as consumers spent more time in their homes and focused on improving them,” said chief executive Thierry Garnier.
However, the group cautioned that uncertainty over Covid-19 and the impact of temporary lockdown restrictions in most of its markets continued to limit its near-term visibility.
Total third-quarter sales rose 17.6 per cent on a constant currency basis to £3.5 billion. – Reuters