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Screwfix Growth Counters B&Q Decline In UK & Ireland

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Kingfisher has reported on trading for the six months ended 31st July 2019.

Kingfisher UK & Ireland

Kingfisher UK & Ireland sales increased 0.8% (-0.7% LFL) to £2,655 million within the context of a continuing weak consumer backdrop. Gross margin % was up 60 basis points mainly reflecting sourcing benefits and the discontinuation of installation services at B&Q, partly offset by higher clearance activity. Costs increases reflected wage inflation and increased digital costs partly offset by cost efficiency initiatives. Retail profit decreased by 1.7% to £277 million.

B&Q total sales declined by 3.3% to £1,773 million. LFL sales declined by 3.2%. The discontinuation of installation services impacted LFL by c. -2%. Sales were also impacted by the ongoing implementation of the new surfaces & décor ranges. LFL sales of weather-related categories decreased by 2.9% while sales of non-weather-related categories, including showroom, were down 3.4%. B&Q’s total digital sales continued to make good progress with sales growing by 10% and now represent 5% of total sales.

Screwfix grew total sales by 9.9% (+5.1% LFL) to £882 million, driven by specialist trade desks exclusive to plumbers and electricians, strong digital growth of 18% (now 32% of total sales); and the continued roll out of new outlets. 16 new outlets were opened in H1 19/20, taking the total to 643. The overall target is to have around 800 outlets in the UK and the business remains on track to open stores in the Republic of Ireland in H2 19/20 to complement our existing online presence.

View the full financial results, here

Read the original release, here.

Source : Insight DIY Team and Kingfisher

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18 September 2019

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