Posted in home remodeling

Kingfisher profit boosted as pandemic drives DIY rediscovery

LONDON (Reuters) – The COVID-19 crisis has prompted consumers to rediscover the joy of home improvement, do-it-yourself (DIY) retailer Kingfisher KGF.L said, as it reported a 23% jump in first half profit.

FILE PHOTO: A general view as people queue outside a B&Q DIY store following the outbreak of the coronavirus disease (COVID-19), Watford, Britain, April 26, 2020. REUTERS/Paul Childs

Shares in the group, which owns B&Q and Screwfix in Britain and Castorama and Brico Depot in France and other markets, were up 7% at 0905 GMT on Tuesday, extending 2020 gains to over 30%, after it also said strong second quarter sales had continued.

Like-for-like sales in the second quarter to July 31 soared 19.5% and are up 16.6% in the third quarter so far.

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

“The crisis has prompted

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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

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