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Kingfisher: 60 per cent increase in the first quarter

Castorama in France nearly doubled its sales.

Castorama in France nearly doubled its sales.

The closed stores throughout almost the whole of Europe a year ago can now be felt in a Trading Update by Kingfisher in the form of unusually high rates of increase. But the British group has also grown significantly in the two-year comparison.

The second-largest European DIY store group made a total of 60 per cent more sales in the first quarter of financial year 2021/2022 (ending 30 April 2021) compared to the same period last year with GBP 3.448 bn. After adjusting for currency effects, growth amounts to 61.9 per cent, like-for-like 64.2 per cent. Compared to the comparative value of two years ago, like-for-like sales net of currency effects increased by 22.5 per cent.

Due to the lockdown in Poland for five weeks, this is the only country in which there was a decline in sales (after adjusting for currency effects -8.9 per cent). In France, sales almost doubled (98.8 per cent) due to the long lockdown one year ago. In all remaining countries too, the increase rates are high in the double- or triple-digit range (each after adjusting for currency effects): 66.8 per cent in Great Britain and Ireland, 112.3 per cent in Spain and Portugal, 71.1 per cent in Romania. (See table below for detailed figures.)

Throughout the group, e-commerce sales rose by 63 per cent, compared to the comparative value of two years ago by 258 per cent. It now has a share of 21 per cent of the group's overall sales.

For the first two May weeks, the Trading Update reports continued significant, but mostly no longer so unusually high, like-for-like growth rates: 8.2 per cent overall, 6.8 per cent in Great Britain and Ireland, 8.3 per cent in France, 10.0 per cent in Romania, however once again a minus of 3.3 per cent in Poland where the lockdown was not lifted until 3 May, a plus of 312.9 per cent in Spain and Portugal. E-commerce has risen by 10.0 per cent.

|20 May 2021 | 11:50

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