DIY firm Kingfisher sales jump on online boom
Home improvement firm Kingfisher said that a boom in online sales had seen fourth quarter sales rise 16.9 per cent.
In a trading update, the London-listed firm said that it was comfortable with the top end of current estimates for profit of £667m-£742m this year.
It added that e-commerce sales had increased by 150 per cent in the fourth quarter, as customers respond to lockdown restrictions.
Kingfisher operates well-know brands such as B&Q, Screwfix, and Trade Point across Europe.
Recent restrictions mean that some of Kingfisher’s stores in the UK and Ireland have been closed on a temporary basis, although the majority of its 1,380 stores remain open for click-and-collect.
The firm added that it expected to pay £85m in exceptional costs this year, including £45m in Covid costs.
Kingfisher has already announced that it will give back some £130m in business rates relief received from the government.
Chief executive Thierry Garnier said: “While the strength of our Q4 trading, to date, is reassuring, uncertainty over Covid-19 and the impact of lockdown restrictions in most of our markets continue to limit our visibility.
“Longer term, we are confident that the strategic and operational actions we are taking are building a strong foundation for sustainable long-term growth. We also believe that the renewed focus on homes is supportive for our markets.”