Posted in home improvement storest

Kingfisher PLC profits go through the roof as COVID lockdown leads to home improvement boom

eCommerce sales represented 19% of group sales in the half-year compared to 7% a year earlier

() saw its profits and cash flow go through the ceiling in the first half of the year as demand for home improvement took off during the coronavirus (COVID-19)  lockdown.  

But while the group’s directors plan to repay UK furlough payments back to the government, provided another prolonged national lockdown is not forthcoming, there is no plan of reinstating the dividend yet. 

The DIY stores chain saw group sales fall by 1.3% to £5.9bn in the six months ended July 31, 2020, as like-for-like sales (LFL) dropped 1.6%, with growth at B&Q in the UK, along with the Poland and Romania businesses offset by declines in the UK’s Screwfix, both French chains, Russia, Spain and Portugal.

The second quarter from May onwards saw LFL sales rise 19.5%, with growth in all the group’s areas

Read More
Continue Reading Kingfisher PLC profits go through the roof as COVID lockdown leads to home improvement boom
Posted in home repair

Americans stuck in lockdown are spending on home improvement

Lawnmowers priced at $3,000 are atypical bestsellers in recessions. But sales of the Ariens Ikon XD, featuring 20-inch tires, a V-twin Kawasaki engine and ergonomic plush seat, have surged in the U.S. during the pandemic.

While other industries grapple with a shaky economy, the home improvement business is booming. Home Depot and Lowe’s last week reported historically large rises in quarterly revenues as housebound Americans spend billions of dollars more than usual at the two go-to chains for DIY.

“Most of us are forced to spend more time at home than we ever have in our lifetimes,” said Marvin Ellison, Lowe’s chief executive, presenting a 34% jump in like-for-like sales. Customers had been “finding projects around the house” that they either “hadn’t had a chance to get to” or “just didn’t notice” before the lockdown.

Craig Menear, chairman and chief executive of Home Depot, said the pandemic had meant “the

Read More
Continue Reading Americans stuck in lockdown are spending on home improvement