Kingfisher reports 5.6% Q3 sales hike

KINGFISHER – the British DIY retail group, which owns B&Q – has expressed confidence in its Irish operations despite the home improvement market shrinking here.

Yesterday, the group reported a 5.6% year-on-year increase in third-quarter sales (for the 13 weeks to the end of October) to £2.7 billion (€3bn) and a 4.7% sales rise for its UK & Ireland division.

The group has a number of brands across mainland Europe and China and up to 80% of total group sales now come from its international division.

In Ireland, where Kingfisher just operates the B&Q brand, the business employs approximately 2,000 people across nine stores nationwide.

Although the group’s third-quarter trading update noted that both the trade market (it owns the Screwfix trade retail outlet in Britain) and the Irish market “both continued to be more challenging”, no store closures or job losses are expected here, although expansion has also been put on hold.

While no expansion is on the cards for Ireland, there is a medium-to-long term opportunity for Kingfisher to open its Screwfix straight-to-trade business (which sells plumbing supplies and builders’ tools) here; although it does already sell online to Irish-based customers.