Brexit fails to scupper sales for B&Q and Screwfix owner

Screwfix put in a storming performance in Q2 for Kingfisher, which overall saw sales grow 3%, like-for-like, to £3 billion (in the three months to 31st July).

The owner of B&Q and Screwfix saw sales rocket for the latter; B&Q was up 0.5% (like-for-like 5.6%) to £1.05 billion while Screwfix was up 24.5% (like-for-like 13.3%), from a smaller base, to £311 million.

Those store retailers saw total sales up 5%, like-for-like up 7.2%. B&Q’s strong performance came despite store closures and Screwfix was buoyed by ‘leading omnichannel capability’, new and extended ranges as new outlets.

FRANCE
Sales across the channel were less positive, with total sales down 1.4% (l-f-l -3.2%). Castorama sales dropped 2.2% in Q2 while Brico Depot sales fell 0.3%.

POLAND
Kingfisher’s Castorama has over 70 stores in Poland and sales there were up 10% (like-for-like 7.3%) benefitting from new ranges and a supportive market.

“We have delivered another solid sales performance in Q2 driven by the UK and Poland,” said Véronique Laury, Kingfisher CEO. “In the UK, the EU referendum result has created uncertainty for the economic outlook, although there has been no clear evidence of an impact on demand so far on our businesses. In France, widespread industrial action and exceptionally wet weather created a more challenging environment, after a more encouraging Q1. We remain cautious on the short-term outlook.

“In the meantime, we continue to focus on our ONE Kingfisher plan, based on always putting customer needs first. We look forward to updating you on our early progress at our half year results next month.”

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