B&Q to close 22 stores in sales slump

The owner of British DIY chain B&Q faced up to a slump in sales in the UK today by announcing plans to shut 22 stores and downsize another 16 outlets.

Amid the toughest market conditions it has seen in years, Kingfisher said the changes were part of an action plan that last week saw it axe 400 office jobs.

The retailer, which has 335 B&Q sites, did not disclose the locations of the outlets to close, but said they were in areas already well served by other B&Q stores. The stores employ a total of 1,250 people, with B&Q hoping to relocate as many of those as possible.

It also said about 16 of the DIY chain’s larger Warehouse stores would be converted to a smaller format, allowing the remaining space to be marketed to other retailers.

The initiatives came as Kingfisher announced a 33.7% fall in UK profits for the six months to July 30, and said the British market had continued to deteriorate since then.

B&Q total sales fell 2.6% to £2.1bn (€3.1bn) in the six months, reflecting reduced footfall rather than a downturn in average transaction values.