B&Q owner Kingfisher posts 17.6% rise in sales for Q3

B&Q owner Kingfisher posts 17.6% rise in sales for Q3
Kingfisher said it had experienced "exceptional demand" at B&Q stores in the days before the second national lockdown for England came into force.
// Kingfisher touts 17.6% rise in Q3 sales
// B&Q like-for-like sales up 24% for the quarter
// Online sales rose 153% as many of Kingfisher’s markets remained in lockdown

Kingfisher plc on Thursday announced a 17.6 per cent rise in sales to £3.5 billion for its third quarter to October 31.

The  B&QCastoramaBrico Dépôt and Screwfix owner saw strong performance across all of its retail brand and categories, with footfall and average transaction value rising in the quarter.

With national and local lockdowns taking place throughout Kingfisher’s markets for the quarter, ecommerce sales rose 153 per cent, comprising of 17 per cent of group sales.

READ MORE: Kingfisher profits surge as Brits lean towards DIY post-lockdown

That figure more than doubles the 8 per cent of sales made up by online purchases for the same time a year before.

As it is classed as an essential retailer, Kingfisher noted that all of its stores are currently open.

The retail group added that it had repaid the £23 million it received under the Government’s Job Retention Scheme.

Like-for-like sales at Kingfisher’s UK and Ireland stores rose 19.9 per cent in the third quarter.

At B&Q, like-for-like sales rose 24 per cent, with Screfix like-for-like sales up 12.8 per cent.

“We achieved strong sales growth in Q3 across all retail banners and categories, with higher footfall and average transaction value. Our growth was supported by strong market demand, as consumers spent more time in their homes and focused on improving them,” Kingfisher chief executive Thierry Garnier said.

“While there remains considerable uncertainty around COVID-19, we are confident in our ability to operate safely, to serve our customers, to look after our colleagues, and to protect our business.

“Overall, we believe that the renewed focus on homes is supportive for our markets. Furthermore, we are confident that the strategic and operational actions we have taken so far are helping us to build a strong foundation for long-term growth,” Garnier added.

Looking ahead, Kingfisher said like-for-like sales for its final quarter had softened to a rise of 12.6 per cent, “largely reflecting the impact of more recent temporary lockdown measures”, although sales at B&Q had seen “exceptional demand” in the days before the national lockdown in England on November 5.

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  1. I think Homebase should also pay back the money that they got from the Job Retention Scheme. They paid their CEO and CFO a bonus the same week they furloughed the vast majority of all staff back in March and will now both personally profit from the business when it sells.


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