Kingfisher's sales soar on pandemic home improvement boom

[LONDON] Home improvement retailer Kingfisher on Thursday reported a 17.4 per cent jump in underlying sales over the third quarter to Oct 31 as it continued to benefit from the popularity of do-it-yourself (DIY) during the Covid-19 pandemic.

The group, which owns B&Q and Screwfix in Britain and Castorama and Brico Depot in France and other markets, said underlying, or like-for-like, sales growth slowed to 12.6 per cent in its fourth quarter so far to Nov 14, largely reflecting the impact of more recent lockdown measures.

The pandemic has meant people are spending more time at home, have fewer leisure options and are traveling less.

"Our growth was supported by strong market demand, as consumers spent more time in their homes and focused on improving them," said chief executive Thierry Garnier.

However, the group cautioned that uncertainty over Covid-19 and the impact of temporary lockdown restrictions in most of its markets continued to limit its near-term visibility.

Total third quarter sales rose 17.6 per cent on a constant currency basis to US$4.6 billion.

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REUTERS