The parent company of Screwfix and B&Q has said a shift towards more working from home following the coronavirus pandemic could have an enduring effect on the home improvement industry, after it saw profits last year soar by more than 600%.
Retail giant Kingfisher plc posted pre-tax profits of £756m in the 12 months ending 31 January 2021 - up from £103m the previous year.
The FTSE 100 firm, which has around 1,400 stores across nine countries, revealed that sales increased by 7.2% during the same period to £12.3bn.
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The rise was driven by a growth of more than 150% in online sales last year, as the national lockdowns confined people to their homes and encouraged them to improve their living and, in many cases, workplace conditions.
Screwfix and B&Q stores were classed as essential retail stores under 海角视频 government guidelines and remained open under strict social distancing protocols and for click and collect orders.
Kingfisher added that it’s British and French businesses had seen a strong start to this financial year, amid high demand in both countries which are currently going through lockdowns.
Since the end of January 2021 life-for-like sales have risen more than 24% compared with the same period in 2020.
However, the company said in a statement that it expected “distinct performances in the two halves of the coming year”.
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While predicting a low double-digit sales growth for the first half of the year, it said the second half could be affected by uncertainty caused by the pandemic in continental Europe, where it owns the French DIY brand Castorama.
The company added: “the exceptional demand we have seen over the past year may moderate as vaccines are rolled out and restrictions for our customers become less prevalent”.
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Kingfisher chief executive Thierry Garnier said that despite the uncertainty the pandemic had caused, the business was “confident of continued outperformance of our wider markets.”
Mr Garnier said: “The Covid crisis has established new longer-term trends that are clearly supportive for our industry – including more working from home, the renewed importance of the home as a ‘hub’ and the development of a new generation of DIYers – and we expect these to endure.
“With our strategic progress, we are well positioned to capitalise on these new and positive market trends.”
Kingfisher acquired Screwfix, the 海角视频’s largest multi channel retailer of trade tools, accessories and hardware products, in 1999.
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The tool seller was founded in Yeovil as the mail-order Woodscrew Supply Company in 1979 and the company is still headquartered in the Somerset town.
Screwfix recently announced plans to open 50 new stores in the 海角视频 and the Republic of Ireland this year, creating around 600 new jobs.