Monday, 22 August 2016

Screwfix leads the way as Kingfisher results grow and indicate that DIY Sales are strong despite BREXIT

More good news for the industry as B&Q owner Kingfisher has experienced solid sales growth in the Q2 of 2016 and said that it has seen 'no clear evidence' of falling demand following the Brexit vote. Like-for-like sales at the Europe's largest DIY specialist rose 3% to £3billion for the three months to the end of July, driven by strong growth at trade outlet Screwfix.

Sales at Screwfix increased 13.3% higher benefiting from extended ranges and new store openings. Meanwhile same-store sales at B&Q rose 5.6% in the Q2.

B&Q and Screwfix are viewed as useful indicators of consumer spending and the figures indicate that the home improvement sector has held up following Britain's decision to leave the EU.

Kingfisher's chief executive Veronique Laury, who is overseeing a turnaround plan at the retailer, said: 'We have delivered another solid sales performance in Q2 driven by the UK and Poland.

'In the UK, the EU referendum result has created uncertainty for the economic outlook, although there has been no clear evidence of an impact on demand so far on our businesses.'

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