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Kingfisher experiences record year for profits

B&Q and Screwfix-owner Kingfisher saw pre-tax profits jump 33 per cent to more than £1 billion last year.

The home improvement giant recorded sales growth of 6.8 per cent compared to 2021, with the company making £13 billion across the group.

E-commerce sales were up 5.3 per cent compared to the previous year and surged by 171 per cent versus 2020. Online sales now represent 18 per cent of total group sales.

However, the company said that sales for the first quarter of the year were down by 8.1 per cent in comparison to 2021. However, they were up by 16 per cent in comparison to 2020.

"We saw growth in all banners and categories, with resilient demand from both DIY and DIFM/trade segments – each representing 50 per cent of Group sales," said Thierry Garnier, chief executive. "We continue to leverage our stores' assets and group technology to drive forward our e-commerce proposition, with faster click & collect and home delivery, and broader product choices for our customers."

Garnier continued: "18 per cent of our sales are now made online, which is ten percentage points higher than two years ago. B&Q had an outstanding year, with sales passing £4 billion. It was also a record year of expansion for Screwfix, with 70 new stores opened in the UK and Ireland, and Screwfix France showing very promising early progress."

The chief exec said that the company is over two years into its new strategy, with execution ahead of schedule.

"With the business in a strong position, we are accelerating our investments for growth – through the launch of our scalable e-commerce marketplace, the expansion of Screwfix in the UK and France, new store openings in Poland, and our plans to increase our trade customer base," he added. "Looking forward, we are confident that these investments, supported by continued strong execution and the new demand-drivers we are seeing in our industry, will drive faster growth in sales, profit and free cash flow.”

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