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Screwfix passes £2bn sales milestone in a financial year in which lockdown sales grew fast online

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Image courtesy of Kingfisher Group
Image courtesy of Kingfisher Group
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Screwfix passes £2bn sales milestone after a financial year in which lockdown sales grew fast online

Screwfix today confirmed that it had passed £2bn in sales in its latest financial year. During the year it opened 30 shops, created more than 500 new jobs and benefited from high levels of demand both online and in-store during Covid-19 lockdowns.

 

The building merchant, ranked Leading in RXUK Top500 research, now has 725 shops across the UK and Ireland. Parent company Kingfisher Group had previously said in a trading update that it expected the retailer to reach the £2bn milestone and today Screwfix confirmed it had passed that total in the year to January 9.

 

In the past five years, Screwfix has created 4,000 new jobs in total, opened a new store once a week - on average - and doubled sales from £1bn to £2bn. The retailer says that many new recruits include the under-24 age group, which has been hardest hit by the pandemic.

 

John Mewett, Screwfix chief executive, says: “I’m incredibly proud of what our colleagues have achieved this year. We have continued to keep our customers supplied safely whilst creating opportunities for our colleagues. We have also been able to give back to our communities when they have needed support the most. I’d like to thank all of our colleagues and customers for their incredible support during what has been an extremely challenging year.”

 

The growth came as people now working from home or furloughed during lockdowns held over the last year looked to improve their surroundings, buying from retailers including Screwfix and sister company B&Q either directly or through the tradespeople who are Screwfix’s core customer base. During the first lockdown, Screwfix’s 725 shops operated as click and collect fulfilment points and saw sales grow across channels including online.

 

In a fourth quarter and pre-close update earlier this month, the Kingfisher Group said that sales had grown by 16.9% on a like-for-like basis that strips out the effect of store openings and closures in the fourth quarter of its financial year. At the same time, online sales grew by 155.4% in November and by 154.3% in December. Kingfisher Group has 1,380 shops and operations in eight countries, and employs 79,000 people.

 

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