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Screwfix: Robust Demand Keeps LFL Sales Positive

Screwfix entrance

Yesterday, Kingfisher published its unaudited Q1 24/25 trading update, advising of sales of £3.3bn with total sales +0.3% (constant currency) and -0.3% (reported).  Group like-for-like sales were -0.9% including a +1.9% calendar impact (of which +1.1% relates to the leap year).

UK & IRELAND Total sales +2.7% (LFL +1.2%), with sales at both banners growing ahead of their respective markets (as measured by the British Retail Consortium, Barclays and GfK); particularly strong market share gains achieved at TradePoint and Screwfix.

  • B&Q sales +0.4%. LFL +0.4%, supported by a strong performance in e-commerce and the trade segment. The business saw good LFL sales growth and improved volume trends in its core categories, particularly tools & hardware and building & joinery, partially offsetting a weak sales performance in ‘big-ticket’ categories. Seasonal category sales were positive, although impacted by wet weather in April. B&Q’s total e-commerce sales increased by 22.8% YoY, with an overall e-commerce sales penetration of 13.6% (Q1 23/24: 11.4%). This was driven by the further scaling of its marketplace, which reached a participation(11) of 41% in April. Marketplace GMV(6) increased by 99.4% YoY. 

  • TradePoint, B&Q’s trade-focused banner, delivered a strong performance with LFL sales of +8.5%, reaching a penetration of 23% of B&Q’s total sales (Q1 23/24: 21%). TradePoint continues to strengthen its product and services proposition for trade customers. Its loyalty programme continues to attract trade customers, with new sign-ups growing by c.40% YoY and total membership now at over 3.5 million.  

  • Screwfix sales +6.4%. LFL +2.4%, with robust demand from trade customers and strong market share gains. Positive YoY sales growth was seen in most categories, with notable performances in its tools & hardware and building & joinery categories. Screwfix opened seven new stores in the UK & Ireland, and remains on track to open up to 40 stores in these countries in this financial year. Screwfix Spares contributed c.2% to total Screwfix sales growth in Q1(12). The results of Screwfix France are recorded within the ‘Other International’ division.

Unaudited Q1 24/25 sales (three months ended 30 April 2024)

 

Sales

2024/25

% Total

Change

% Total

Change

% LFL

Change(8)

 

£m

Reported

Constant currency

Constant currency

UK & Ireland

1,631

+2.6%

+2.7%

+1.2%

- B&Q

983

+0.3%

+0.4%

+0.4%

- Screwfix

648

+6.3%

+6.4%

+2.4%

France

1,026

(8.1)%

(5.1)%

(5.3)%

- Castorama

529

(8.4)%

(5.5)%

(5.5)%

- Brico Dépôt

497

(7.7)%

(4.7)%

(5.2)%

Other International

605

+7.0%

+3.9%

+2.0%

- Poland

445

+8.6%

+3.1%

+0.4%

- Iberia(9)

93

(1.3)%

+1.9%

+1.9%

- Romania

63

+7.7%

+12.3%

+14.7%

- Other(10)

4

n/a

n/a

n/a

Total Group

3,262

(0.3)%

+0.3%

(0.9)%

Thierry Garnier, Chief Executive Officer, said:

“Trading in the first quarter has been in line with our expectations. We have seen continued resilience in our core categories, although ‘big-ticket’ sales have been weak reflecting the broader market as expected. In the UK, we have gained considerable share across our banners. Our trade proposition continues to resonate with customers, driving positive LFL sales at Screwfix and strong LFL sales growth of 8.5% at TradePoint. In France, while slightly improved on Q4, trading reflects the weak overall retail market. And in Poland, we are seeing encouraging sales trends as the consumer environment improves.

“We continue to drive our strategic priorities at pace and remain focused on delivering market share growth. Our e-commerce sales grew by 12.7% and we successfully expanded our marketplace model to France. We delivered further expansion of Screwfix in France, and advanced our data, AI and retail media initiatives. Leveraging our learnings from TradePoint in attracting trade customers in the UK, we are excited to have widened trade loyalty programmes across all our banners.

“We remain focused on driving productivity gains and maintaining tight control of our costs and inventories. In France we are pushing ahead with our plan to improve performance, having successfully completed our structural simplification and transitioned to new leadership at Castorama.

“Looking forward, we confirm the guidance outlined in March for the full year, including our expectations for the overall market in 2024.”

Source : Insight DIY and Kingfisher plc

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21 May 2024

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