Kingfisher sales boosted by DIY boom

Kingfisher has welcomed a “resilient” performance in the first-half of the year, with sales down by 1.1% to £5.9bn.

The group said this reflected the adverse impact of Covid-19 in Q1, which was later partially offset by “strong recovery” in the second quarter.

Pre-tax profit was up 23.1% to £415m, while e-commerce sales soared by 164%, and now account for 19% of total sales in the group.

The group noted that a DIY boom during lockdown, adding that the crisis is “creating new home improvement needs, as people seek new ways to use space or adjust to working from home”.

Nonetheless, no interim dividend has been declared for its half-year results due to the “ongoing uncertainty” of the pandemic. 

Thierry Garnier, CEO, said: “We delivered a resilient financial performance in the first half of the year, with the adverse impact of COVID-19 in Q1 offset by a strong recovery in Q2. This recovery has continued into Q3 to date, with growth across all banners and categories. 

“There remains considerable uncertainty around COVID-19 and our near term priorities have not changed – to provide support to the communities in which we operate, to look after our colleagues as a responsible employer, to serve our customers as a retailer of essential goods, and to protect our business for the long term.”

He added: “Looking forward, while the near term outlook is uncertain, the longer term opportunity for Kingfisher is significant. There is a lot more to do, but the new team and new plan is now established in the business and we are committed to returning Kingfisher to growth.”

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