Kingfisher to open 200 more Screwfix stores

Kingfisher, the owners of B&Q and Screwfix, has said it could open 200 more of its Screwfix stores in the UK.

This would take the amount of stores past the 600 mark with 412 Screwfix stores currently trading in the UK. The move follows the announcement in March that 60 B&Q stores would close by the end of 2016-17 financial year.

Kingfisher reported a drop in sales of 4.8% to £5.49Bn with profit dipping 1.8% to £386M in the six-month period to August 1.

Kingfisher said that its Screwfix stores continue to deliver “strong growth” as retail profit increased 16.8% to £194M, with the planned new stores providing “even greater convenience for customers”.

The growth has been driven by the trend of consumers moving away from the DIY market as more people opt to pay tradesmen to perform jobs around the house, rather than attempt it themselves.

Chief Executive Officer, Véronique Laury, said: ““I am pleased that we have delivered a solid first half of the year and have made good early progress with our ‘ONE’ Kingfisher plan. This plan will unlock our potential through organising ourselves very differently in order to create a single, unified company where customer needs come first.

“There remains a lot to be done however. Our leadership team is now complete and we are continuing to develop our detailed plans at pace as we progress on this exciting journey.”

Following a business and strategy review earlier in the year, the Company is restructuring and will look to unify operations under its ‘ONE” Kingfisher initiative, in a move away from locally managed businesses.

Trials of Screwfix stores in Germany also “remain on track” with Kingfisher reporting signs of repeat business both online and in store.

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