Kingfisher, the owner of B&Q and Screwfix, has reported a surge in sales as the coronavirus lockdown drives a DIY boom. The company said sales at its UK stores rose by 25% in June and by more than a fifth in the first three weeks of July, with strong demand for garden plants, compost, fence panels, jet washers and painting materials.
The better-than-expected performance pushed shares in Kingfisher up 11% to 250p, making it the biggest riser in the FTSE 100 index. The City had anticipated a profit fall after the group's stores were closed for a period in March and April, despite being classified as essential retailers.
With over 9 million Britons on furlough, many have turned to home and garden renovations. This rush to DIY shops, where sales jumped 42% in May, has also led to shortages of building essentials such as plaster, paving slabs and cement.
The trend is not limited to the UK; Kingfisher reported similar growth in France, Romania, Spain and Portugal, while online sales more than tripled in May and June. However, the company declined to provide full-year profit guidance, citing uncertainty around Covid-19 and the wider economic outlook.
