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Kingfisher reports surge in third quarter sales

B&Q owner Kingfisher grew its third quarter group like-for-like sales by 17.4% after trade was boosted by more people staying at home and carrying out DIY… View Article

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Kingfisher reports surge in third quarter sales

B&Q owner Kingfisher grew its third quarter group like-for-like sales by 17.4% after trade was boosted by more people staying at home and carrying out DIY during the coronavirus pandemic.

In the three months to 31 October, group sales reached £3.5 billion after rising by 17.6% in constant currency.

While like-for-like sales at B&Q climbed by 24% due to strong demand across all categories, sales on a like-for-like basis at Screwfix rose by 12.8% after the retailer experienced increased demand from trade customers.

Thierry Garnier, Kingfisher chief executive, said: “We achieved strong sales growth in Q3 across all retail banners and categories, with higher footfall and average transaction value. Our growth was supported by strong market demand, as consumers spent more time in their homes and focused on improving them.

“At the same time, we have made good progress against our ‘Powered by Kingfisher’ strategic priorities – the early benefits of which are enabling us to meet the current strong demand, both in-store and online, and grow our share in key markets. I am thankful for the way in which our teams continue to respond to the immense challenges of doing business in today’s environment.”

Ecommerce sales were particularly strong across the group, rising by 153% to account for 17% of total sales in the quarter compared to 8% in the same period last year.

Meanwhile sales at Kingfisher’s French Brico Dépôt and Castorama chains climbed by 15.1% and 23.2% respectively. Sales in Poland, Iberia and Romania were also up, with respective increases of 7.5%, 18.1% and 10.6%.

Kingfisher said uncertainty over Covid-19 and the impact of temporary lockdown restrictions in most of its markets is continuing to limit its near-term visibility.

Garnier added: “While there remains considerable uncertainty around Covid-19, we are confident in our ability to operate safely, to serve our customers, to look after our colleagues, and to protect our business.

“Overall, we believe that the renewed focus on homes is supportive for our markets. Furthermore, we are confident that the strategic and operational actions we have taken so far are helping us to build a strong foundation for long-term growth.”

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