Screwfix continued to outshine B&Q in Kingfisher's first half, the group revealed today as it reported retail profit from the UK and Ireland business up 17.7% to £166m, and sales up 6.6% to £2,419m - 4.4% like for like.
Kingfisher also announced that group chief executive Sir Ian Cheshire is to be succeeded by Véronique Laury, chief executive of Castorama France, before the end of the current financial year.

In the 26 weeks to August 2 Screwfix sales soared by 23.3%, 11.9% like for like, to £386m, benefiting from a strong promotional programme, the success of the mobile click-pay-and-collect offer and the addition of 24 new outlets, taking the total to 359.

At B&Q UK & Ireland sales were up 4.0%, 3.2% like for like, hitting £2,033m. Sales of outdoor seasonal and building products were up around 6% thanks to better weather and a more buoyant smaller tradesman market. Indoor products rose by 3% but sales of showroom products dipped 1.5%, as promotional activity was scaled back.

B&Q's first-half results were the best for over 10 years, but Kingfisher says it recognises that the business needs to evolve and has outlined three major objectives for the future. It says it wants to develop a simpler, more efficient business with a lower cost operating model and stores that are easier to shop.This, it says, will enhance its pricing power to drive sales volumes which in turn will drive further efficiency and higher cash profit.

It has also announced what it describes as "comprehensive trials for five of our 19 categories", starting immediately, which will result in stock reduction. And it says it will also cut the number and size of stores.

Sales at Kingfisher as a whole were up 0.9%, 1.8% like for like, while and adjusted pre-tax profits were flat at £364m. Performance was impacted particularly by the performance of the business in France and Poland.

Commenting on the results, Sir Ian said: "This was a difficult first half with demand in our largest and most significant market, France, remaining particularly weak...However, conditions in the UK were more favourable, with better weather and encouraging signs in the smaller tradesman market.

"We were able to capitalise on the better conditions, with Screwfix performing particularly well, growing sales by 23%. B&Q UK & Ireland also delivered their best H1 sales growth in over a decade as the new team start to gain traction with its re-energising initiatives and started to make progress with its plan to better position the business for the future."

Kingfisher also said that Sir Ian will be stepping down as group chief executive during the current financial year and will retire from the Board at the end of January.

He has been with the business for 16 years, 14 years on the board, and has been group chief executive for nearly seven. The hand-over to Véronique Laury will take place over the coming months. Ms Laury has been with Kingfisher for 11 years.