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Screwfix like-for-like sales rise 13.4%

Screwfix offices

Screwfix, the highly successful omnichannel business, grew total sales by 25.5% (+13.4% LFL) to £835 million, driven by new ranges, a strong promotional programme reinforcing its value credentials and the continued roll out of new outlets, complimented by further digital and mobile development. Sixty net new outlets were opened, taking the total to 395.

During FY 2013/14 Kingfisher announced its plans to evaluate international opportunities for its highly successful omnichannel business, Screwfix. In the summer a four store pilot commenced in the Frankfurt area, supported by a website offering 'click & collect' as well as country-wide next day delivery. Sales and brand awareness are building with an encouraging number of repeat customers; retail loss including start-up costs was £8 million. A further five stores are planned for FY 2015/16 within the Frankfurt area.

Steve Willett, currently CEO, Group Productivity & Development will become our Omnichannel Operations Director (Screwfix) as well taking the role of Chief Digital & IT Officer.

Véronique Laury, Chief Executive Officer, said:
“Home improvement is a great market with huge potential and Kingfisher has a strong position within it with further scope to grow in a sustainable way. However, it is clear to me that we need to organise ourselves very differently to unlock our potential. This will involve taking what is essentially a locally managed set of businesses and creating instead a single, unified company where customer needs come first. The first step in developing this new organisation is the creation of a new, international leadership team with more focused cross-company roles.

“We have a lot to do and we are announcing today a set of first ‘sharp’ decisions which are already underway including the closure of around 15% surplus B&Q space (c.60 stores) and our few loss making stores in Europe, the development of unified garden and bathroom businesses and the start of a Big Box revitalisation programme across Europe.

“In addition, we will be developing our detailed plans for the wider reorganisation of the company as we progress on this exciting journey towards becoming ‘ONE’ Kingfisher.”

Karen Witts, Chief Financial Officer, said:
“We believe our plans will drive an increase in the value of our business for shareholders, with improved financial metrics through higher sales and lower costs, whilst at the same time optimising the generation and use of cash. Besides the growth in full year dividend, we are also pleased to be announcing today a further £200 million capital return during FY 2015/16 reflecting our confidence in our medium term prospects. In the short term, whilst we remain encouraged by the improving economic backdrop in the UK, we remain cautious on the outlook for France, our biggest market.”

Source : Kingfisher

31 March 2015

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