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B&Q sales boosted by pandemic

by LLB Finance Reporter
19th Nov 20 12:18 pm

Kingfisher Group who owns B&Q have reported a rise in group sales in the quarter to 31 October by 17.6% to £3.5bn with a 17.4% increase in like-for-like sales.

Kingfisher who owns Screwfix saw like-for-like sales slowed to 12.6% in the current quarter due to restrictions across Europe.

B&Q posted 23.9% revenue growth due strong outdoor product sales, with UK sales bouncing 21.5% higher in the same period.

Kingfisher chief executive Thierry Garnier said: “We achieved strong sales growth in the third quarter 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.

“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.”

Adam Vettese, analyst at eToro, said: “Up until now, Kingfisher has struggled to capitalise on the DIY boom that has gripped the nation since coronavirus first struck.

“While it beat expectations and posted a profit in the first half of the year, the B&Q owner’s sales were a disappointment and it seemed as though it had missed out on a golden opportunity to gain from the renewed interest in self-completed home maintenance projects.

“However, it has clearly got its act together in the third quarter, as evidenced by strong sales across all of the countries it operates in.”

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