Home Business NewsBusinessBusiness Growth News Kingfisher Group announce expansion of Screwfix and posts ‘resilient’ trading

Kingfisher Group announce expansion of Screwfix and posts ‘resilient’ trading

by LLB Finance Reporter
23rd May 22 11:27 am

B&Q’s parent company Kingfisher have reported that their product availability is now “close to normal levels and trading has been “resilient.”

Kingfisher who also owns the Screwfix brand are in line with their expectations following a drop by 5.8% to £3.24bn in the three months to 30 April, which represents a 16.2% like-for-like increase against pre-pandemic levels.

Adjusted pre-tax profits for the year are in line with previous guidance of around £770m and the group are mindful over the economic uncertainty.

Thierry Garnier, chief executive officer of Kingfisher, said, “We continue to effectively manage inflationary and supply chain pressures.

“As a result, our product availability is now very close to ‘normal’ levels across all our banners, and we continue to deliver value for our customers through our own exclusive brands and competitive prices.

“Looking forward, we are reiterating our profit guidance for full year 2022-23.

“We are focused on delivering on our strategic objectives and growth initiatives, including the growth of our scalable ecommerce marketplace, the expansion of Screwfix in the UK and France, new store openings in Poland, and further increasing our trade customer base.”

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