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B&Q sales decline 5.3% as UK outlook remains uncertain

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Kingfisher PLC, Europe’s second largest home improvement retailer, beat forecasts with a 1.3% increase in annual profits but said the outlook for its main markets was mixed and Britain was “more uncertain”.

B&Q total sales declined by 5.3% to £3,488 million reflecting annualisation of the completed store closure programme. LFL sales declined at a faster rate than expected, falling 2.8% after a 0.7% benefit from sales transference associated with the store closures. LFL sales of seasonal products were down 2.8% while sales of non-seasonal products, including showroom, were also down 2.8%.

B&Q’s click & collect is now available on over 33,000 products of which over 29,000 are available for 1 hour click & collect. Total digital sales, including home delivery, continued to make good progress with sales growing by 11% and now representing 4% of total sales.

Once again Screwfix delivered encouraging sales growth, with total sales increasing by 16.7% (+10.1% LFL) to £1,515 million driven by strong growth from the specialist trade desks exclusive to plumbers and electricians, strong digital growth (e.g. mobile +86%; click & collect +38%); and the continued roll out of new outlets. A total of 60 net new outlets were opened, taking the total to 577 and their overall target is to have around 700 outlets in the UK. 

Source: Insight DIY Team

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21 March 2018

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