• Tue. Aug 3rd, 2021

Kingfisher’s sales soar on pandemic home improvement boom

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LONDON, Nov 19 (Reuters)Home improvement retailer Kingfisher KGF.L on Thursday reported a 17.4{911ea05452e114f1778c76ca86733b6032c246f8f651bb1f01d12abf04b54efb} jump in underlying sales over the third quarter to Oct. 31 as it continued to benefit from the popularity of do-it-yourself (DIY) during the COVID-19 pandemic.

The group, which owns B&Q and Screwfix in Britain and Castorama and Brico Depot in France and other markets, said underlying, or like-for-like, sales growth slowed to 12.6{911ea05452e114f1778c76ca86733b6032c246f8f651bb1f01d12abf04b54efb} in its fourth quarter so far to Nov. 14, largely reflecting the impact of more recent lockdown measures.

The pandemic has meant people are spending more time at home, have fewer leisure options and are traveling less.

“Our growth was supported by strong market demand, as consumers spent more time in their homes and focused on improving them,” said chief executive Thierry Garnier.

However, the group cautioned that uncertainty over COVID-19 and the impact of temporary lockdown restrictions in most of its markets continued to limit its near-term visibility.

Total third quarter sales rose 17.6{911ea05452e114f1778c76ca86733b6032c246f8f651bb1f01d12abf04b54efb} on a constant currency basis to 3.5 billion pounds ($4.6 billion).

($1 = 0.7556 pounds)

(Reporting by James Davey; editing by Sarah Young)

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