Kingfisher plc, which owns DIY giant B&Q and trade retailer Screwfix, has reported total sales dropped 1.4% in the first half of 2024, with LFL figures falling, as it faces weather-impacted seasonal sales and weak demand for ‘big-ticket’ items.
Overall performance in the UK & Ireland was slightly down year-on-year by 0.2%. However, Screwfix delivered positive LFL sales and TradePoint achieved strong LFL sales growth of 7.1%, now representing 22% of B&Q’s sales.
Furthermore, its marketplace offering were very strong with Group GMV up 80.0%. While ecommerce sales penetration overall is now 18.3% (H1 23/24: 16.8%).
Read more: Screwfix Sue Harries: “Time is money”
Thierry Garnier, chief executive officer, Kingfisher, said: “Customers continuing to repair, maintain and renovate their existing homes, driving resilient volume trends in our core product categories.
“As expected, demand for ‘big-ticket’ categories has remained weak, in line with the broader market, while seasonal category sales trends have improved since early July. Against this backdrop we maintained a strong focus on effectively managing our costs and inventory.
“Our UK & Ireland banners continued to gain market share, supported by strong ecommerce sales and our progress in addressing trade customer needs.”
Hear from Kingfisher’s Pinki Choudhury, head of product, marketplace & retail media at ChannelX World this October.
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