DIY

Screwfix to open 80 new stores

Earlier this year, Kingfisher reported ‘record’ revenues and profits for the year ending 31 January 2022

Kingfisher-owned Screwix is set to open 80 new stores by the start of next year, creating around 800 new retail jobs.

Boosted by the home-improvement surge during the pandemic lockdowns, the retailer revealed it has seen sustained demand from tradespeople and is set to expand its presence in the UK and Ireland.

Screwfix chief executive John Mewett said: “We know how busy tradespeople are and how important it is to be able to find a Screwfix store close to site.

“In opening more stores across the UK and Ireland, we’re making Screwfix even more accessible to tradespeople, ensuring they can get their job done quickly, affordably and right first time.”

He added: “We’re also delighted to be having a positive impact on local communities, creating more than 800 jobs for local people.”

Earlier this year, Kingfisher reported “record” revenues and profits for the year ending 31 January 2022 as adjusted pre-tax profits surged 20.9% year-on-year from £786m to £949m, reflecting higher retail profit and lower net finance costs.

Total sales were up 9.9% to £13.18bn compared to £12.34m last year, and operating profit increased 24.7% year-on-year from £916m to £1.14bn.

Retail profit also increased 14.5% year-on-year from £1bn to £1.14bn, with “strong” performances in the UK and Ireland, France, Iberia and Romania, although Poland was impacted by Covid-related store closures in Q1 last year.

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