UK DIY News
Double-Digit Like-For-Like Sales Growth At Screwfix
Kingfisher has published full-year results for the year ended 31st January 2022, advising of a record year for profits and revenue.
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Screwfix total sales increased by 14.3% (LFL +10.9%) to £2,327m, with 2-year LFL sales up 18.2%, reflecting continued strong demand from trade customers. Space growth contributed c.3% to total sales. E-commerce sales decreased by 2% given exceptional ‘digital only’ trading periods in the prior year, with 2-year sales up 161%, representing 67% of total sales (FY 20/21: 78%; FY 19/20: 33%).
The business continued to strengthen its digital proposition, launching its innovative new mobile app which has been 26 very well received by customers, with mobile remaining the dominant channel of ordering online. During the year we launched our Screwfix ‘Sprint’ service, with strong early results. ‘Sprint’ offers customers an industry-leading 60-minute home delivery service (average delivery time c.45 minutes), currently covering over one third of UK postcodes.
We also launched Screwfix in France as an online-only proposition with the goal of opening stores in H2 22/23. Results so far have been very encouraging.
In FY 21/22, Screwfix opened 68 net new stores (including 12 in Ireland). The total number of stores as of 31 January 2022 is 790, including 24 in Ireland. The business has a medium term target of over 1,000 stores in the UK & Ireland.
Source : Kingfisher
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