Essential reading for retailers and suppliers in the home improvement market

Kingfisher results: Trade Depot to close but Screwfix profits up

Published: 27 November 2008
Kingfisher UK's profits slumped as the effects of a miserably wet summer and the economic downturn hit.
Kingfisher results: Trade Depot to close but Screwfix profits up
Overall, retail profit was down £9m to £29m, from last year's £38m, with August a particularly bad month for B&Q as customers kept their cash in their pockets.

Like for like sales across the firm fell by 9.2%, to £1,020m, with B&Qs total like for like sales down 8.7%.

Garden products were down 17% while the higher ticket items, like bathrooms and kitchens, were also down 14%.

The downturn has led Kingfisher to scrap its three-year old Trade Depot arm, which had nine stores around the country, after it posted losses of £5m for 2007/08.

But, sales of the firm's core DIY and room makeover products performed better than expected and were only down 3%, indicating a continued trend for people to 'make do and mend' rather than buy new.

And, Screwfix sales grew 8.1% to £126m, driven mainly by continued roll out of trade counters. Four new outlets have been opened taking the total to 134 with a further four planned in Q4.

The firm also carried out a trial of lower-cost revamps of two of its 323 large and medium stores.

Euan Sutherland, chief executive B&Q and Kingfisher UK, said the firm was maintaining its focus on cost management.

He said: "Resources will be focused where we will achieve higher and faster returns. As a result, the new and as yet unproven Trade Depot stores will close and resources will instead be concentrated on developing B&Q and Screwfix in the trade market."

Comments


(Your email address will not be published)
9 + 2 =  
Already Registered?
Sign In
Not Yet Registered?
Register
Printable View E-mail Bookmark
*

Latest reader comments

re: Latest update on Green Homes Grant and implications for homeowners and landlords

John Hart
After applying for a green homes how long will it take for a decision? thanks...

re: SX Rainproof Exterior Caulk

Wally
I need the exterior sx rain resistant caulk! Can't get it anywhere so please help! How can I order it? Need it yesterday...

re: BCT can replicate any material in a ceramic tile

Christina Tiritanou
Not sure if you can help as I require a tile which has the measurements of 6”x 6”? Thank you....

re: Latest update on Green Homes Grant and implications for homeowners and landlords

colin thompson
SarahVery clear and helpful information.Thanks...

Most read stories