Kingfisher plans Screwfix outlets for Republic
B&Q owner ‘on track’ to open Screwfix outlets in State in second half of financial year
Screwfix owner Kingfisher said half-year profits had dropped by 12.5 per cent as sales at the DIY chain remained under pressure amid a swingeing overhaul. Photograph: iStock
B&Q owner Kingfisher plans to open a number of Screwfix outlets in the Republic next year, building on its existing online presence in the market. In a results presentation on Wednesday, Kingfisher said it was on track to open its first outlets in the Republic in the second half of this financial year.
The company declined to provide further details on the plan for Screwfix – a trade-focused brand – when contacted. The brand already has physical outlets in the North.
Kingfisher said half-year profits had dropped by 12.5 per cent as sales at the DIY chain remained under pressure amid a swingeing overhaul. The group reported pretax profits of £245 million (€277 million) for the six months to July 31st against £280 million a year earlier.
The group said the UK performance and that of its operations in France were “disappointing” and cautioned the outlook for the rest of the year was mixed across the group. Its British business has been facing “ongoing uncertainty” as Brexit continues to weigh on consumer confidence, while this was compounded by disruption from its continuing turnaround programme, according to the firm.
Its results showed that in the UK and Ireland, like-for-like B&Q sales dropped 3.2 per cent over the first half, although this was partially offset by growth of 5.1 per cent at Screwfix. – PA