B&Q’s owner reported booming sales as families spent cash on DIY and home improvement in lockdown.
Kingfisher, which also owns Screwfix, reported a 17.4 per cent rise in revenues in the three months to October 31.
UK sales were up by a fifth, thanks to a 23.9 per cent rise at B&Q and a 17.4 per cent increase at Screwfix.
B&Q’s owner reported booming sales as families spent cash on DIY and home improvement in lockdown
Its success allowed it to repay £23 million of furlough cash to the Government. Garden equipment, plants, and outdoor storage performed particularly well, with sales rising by 45 per cent during the quarter.
It also sold 3 million houseplants and 1.2 million spring flowering bulbs.
Its businesses have benefited from ‘essential’ status, allowing the likes of B&Q to remain open in both lockdowns, at the same time as families stuck indoors have looked to improve their homes and gardens.
Chief executive Thierry Garnier has pushed to drive sales on the retailer’s website, and in the last six months online sales increased by 153 per cent, compared to the same period last year.
Web sales now make up 17 per cent of total revenues. He said: ‘We achieved strong sales growth, supported by strong market demand, as consumers spent more time in their homes and focused on improving them.’
Kingfisher’s success will raise eyebrows as their profits are boosted to the tune of £130 million from the Government’s business rates holiday – which is paid to all bricks-and-mortar retailers in the pandemic.
The figure is less than the £45 million it cost Kingfisher to make its stores safe for customers.
The firm avoided the fate of Tesco and Sainsbury’s, who were slammed for rewarding investors with large windfalls despite receiving taxpayers’ cash, as it did not pay an interim dividend at its half-year results in September.
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