B&Q sees DIY sales surge but uncertainty remains amid Covid-19

People keep their social distance while queueing outside B&Q in Cork. Picture Dan Linehan

Home improvement group Kingfisher's sales surged as its European stores emerged from coronavirus lockdowns and the company said its business would be more resilient than most in the coming recession.

Kingfisher owns B&Q and Screwfix in Ireland and the UK and Castorama and Brico Depot in France and other markets. The company reported underlying sales up 21.8% in its second quarter so far to June 13.

The retailer has seen an improving relative sales trend, with like-for-like sales moving from being down 74% in the first week of April to more than 25% higher since the second week of May.

CEO Thierry Garnier said people had been encouraged to take on DIY projects because they were spending more time at home and had fewer leisure and travel options.

From 28 March, the company's eight B&Q and five Screwfix stores in Ireland were closed following the government’s lockdown restrictions. Hardware shops were categorised as "online only", and therefore not eligible to remain open. The stores reopened on 18 May with strict social distancing and safety measures have been put in place.

Kingfisher said it could not provide specific guidance for the 2020-21 year given the uncertainty around the pandemic.

Garnier said an economic downturn would particularly hit demand for big projects such as kitchens and bathrooms. But he added: "I still think that DIY overall will prove more resilient than the average."