Connect with us

Hi, what are you looking for?

United Kingdom

Lockdown profits surge for DIY company Kingfisher as people turn their hand to home improvements

Lockdown during the Covid-19 pandemic has seen a dramatic increase in DIY projects.

Fewer leisure options and less travel has seen many people turn to jobs to improve their homes and gardens.

The trend has seen a dramatic rise in profits for DIY companies.

Advertisement

Kingfisher – which owns B&Q and Screwfix – has announced an adjusted profit before tax of £786 million.

The company made £544 million in the previous year.

In the 12 months to January 31st, 2021 pre-tax profits rose 634%.

Sales increased by 7.2% to £12.3 billion and online business soared by 158%.

Kingfisher outlets have been allowed to stay open during lockdown as they were an essential retailer.

Chief executive Thierry Garnier said:

“Kingfisher is coming out of the Covid crisis as a stronger business, with an improved competitive position in all key markets, strong new customer growth and a step change in digital adoption.

“I would like to express my personal thanks to all our teams for their incredible efforts in the most testing of circumstances.”

“Current trading remains positive and, while visibility is limited for the year as a whole, we are confident of continued outperformance of our wider markets.

“The Covid crisis has established new longer-term trends that are clearly supportive for our industry – including more working from home, the renewed importance of the home as a ‘hub’, and the development of a new generation of DIYers – and we expect these to endure.

“With our strategic progress, we are well positioned to capitalise on these new and positive market trends.”

Comments

Latest Tweets

Advertisement

You May Also Like

United Kingdom

Film director Ridley Scott has recalled the death of actor Oliver Reed while making the Oscar winning blockbuster Gladiator. Scott said hard-drinking Reed “just...

Business

The controversial Russian businessman Viktor Baturin, well-known for his years-long counterstanding with his wealthy sister Elena, widow of Moscow ex-mayor Yuri Luzhkov, is likely...

United Kingdom

The Tremeloes. Dave Munden centre Dave Munden the Tremeloes drummer – and often lead singer – with the 60s chart toppers has died. He...

United Kingdom

The Watneys Party Seven is making a comeback. The ubiquitous 70s beer was a bland fizzing bitter ridiculed by many. The drink’s insipidness helped...