Bored householders fuel double-digit sales surge at DIY giant B&Q
Kingfisher, which also owns Castorama and Brico Depot in France, revealed that sales soared in the ten weeks to January 9, jumping 16.9 per cent, as online growth amounted to more than 150 per cent compared with the same period a year earlier.
The group is benefiting from locked-down householders looking to update their homes, while the company also enjoyed “essential” retail status in the UK. This allowed its 1,380 stores to remain open.
UK and Ireland sales jumped 24 per cent in November, and were up 20.8 per cent in December.
Chief executive Thierry Garnier said: “While the strength of our Q4 trading, to date, is reassuring, uncertainty over Covid-19 and the impact of lockdown restrictions in most of our markets continue to limit our visibility.
“Longer term, we are confident that the strategic and operational actions we are taking are building a strong foundation for sustainable long-term growth.”
As a result of the strong sales, pre-tax profits for the year are expected to be at the top end of City expectations.
Adam Vettese, an analyst at investment platform eToro, noted: “It’s clear from Kingfisher’s latest trading update that Europe’s new-found love of DIY shows no signs of abating.
“Despite the pandemic causing major disruption to retailers with physical store presences, the B&Q owner reported very strong sales in each of its markets over Christmas, with online sales in particular soaring.
“Even though much of Europe is currently in lockdown, the group still projects profits to come in comfortably at the top of analysts’ estimates.”
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