B&Q owner Kingfisher’s profits slump nearly 40 per cent although Covid backlog may yet boost DIY chain’s bottom line March 21, 2023 B&Q owner Kingfisher reported a sales slowdown as the DIY giant felt the hit from Brits scaling back on home improvements. For the year ending 31 January 2023 Kingfisher, which also owns brands such as Screwfix, posted pre-tax profits of £611m, down 39.3 per cent from £1.7bn in the same period last year. As shoppers [...]
Have Brits fallen out of love with DIY? B&Q and rival Wickes eye lower profits after costs soar and demand dwindles March 20, 2023 B&Q owner Kingfisher and rival Wickes are set to reveal falls in profits over the past year as surging costs dampen the outlook for the home improvements market. Kingfisher, which runs B&Q and Screwfix, has previously indicated its sales and profits have weakened over the past year, as it also saw DIY demand from locked-down [...]
B&Q owner says DIY sales driven by household energy concerns as profit forecast trimmed November 24, 2022 Kingfisher has seen customers forking out to improve their household energy efficiency, as the B&Q owner shaved its full-year profit outlook. In a trading update for the third quarter, the retail titan posted sales of £3.3bn, a 0.2 per cent boost on the previous year. The Screwfix owner previously reaped the rewards of a pandemic [...]
B&Q owner Kingfisher profit nosedives 30 per cent amid economic gloom September 20, 2022 B&Q owner Kingfisher posted slumped profit in half-year results, with bosses citing an “exceptionally strong” comparable period last year. Operating profit was down 29.1 per cent, the DIY retailer highlighted, in results for the six months ended 31 July. Depleted sales came against a “backdrop of exceptionally strong” trading in the first-half of 2021, Thierry [...]
B&Q owner Kingfisher downgraded to ‘sell’ by UBS August 15, 2022 B&Q owner Kingfisher has been downgraded to ‘sell’ by UBS after the bank predicted the international home-improvement company will be hit by a slump in consumer spending and lose market share in the UK. The Swiss lender said that spending was slowing compared with the high demand the sector experienced during the pandemic. The bank [...]
High street names including Tesco and Greggs call on Tory leadership candidates to slash ‘shop tax’ August 9, 2022 A coalition of retailers including Morrisons, Greggs and Tesco, have called on the Conservative party leader candidates to slash business rates. The Retail Jobs Alliance has called on both Rishi Sunak and Liz Truss to pledge to cut business rates, which it said were “killing our high streets”. The group, consisting of Co-op, Greggs, Kingfisher, [...]
B&Q owner Kingfisher builds from pandemic success but struggles to keep up with 2021 boom May 23, 2022 B&Q and Screwfix owner Kingfisher reported strong post pandemic growth in the first quarter, with three year like for like sales up 16.2 per cent.
Nailed on: Screwfix to open 80 stores in expansion May 16, 2022 Home improvement business Screwfix is to create 800 retail jobs by January as part of plans to open 80 new shops across the UK and Ireland. The retailer’s sales were boosted during the pandemic as locked-down Britons hired tradespeople to spruce up their properties and gardens. Screwfix and B&Q owner Kingfisher enjoyed profits of more [...]
Lockdown DIYers push B&Q owner Kingfisher past £1bn profit March 22, 2022 Kingfisher’s sales shot up last year as the B&Q owner became the third UK retailer to exceed £1bn profit. The home improvement behemoth joined retail titans Tesco and Marks & Spencer when it revealed its profits had reached record levels on Tuesday. Lockdown DIYers sent sales past £13bn for the year to 31 January, thanks [...]
Lockdown momentum: B&Q owner Kingfisher sales hit $7bn in six months September 21, 2021 It appears home DIY has kept up its momentum post-lockdown, as B&Q owner Kingfisher’s sales have grown by more than £1bn in the past six months in comparison with last year. Kingfisher, which also owns Screwfix, performed well in 2020 despite the impacts of the pandemic, due to homebound consumers getting stuck into home improvements. [...]