Kingfisher, the company that owns DIY retailer B&Q, has said that their pre-tax profit jumped 44%, while sales increased to £12.3bn in the year to 31st January 2021. They put this down to the Covid-19 pandemic giving rise to an increase in 18-34-year-olds doing more home improvements than any other age group.
Kingfisher surveyed customers of builders’ merchant Screwfix, which they also own, and a remarkable 20% of these so-called ‘young DIY-ers’ were trying home improvement for the first time during lockdowns. Kingfisher also said that, with more people working from home during lockdowns, this had helped to increase sales and profits, because they were wanting to make their homes more comfortable.
Government guidelines state that hardware stores are considered essential retailers, which meant they could remain open during lockdowns. Kingfisher said the pandemic had accelerated growth in online sales, with e-commerce sales accounting for 18% of total sales compared to 8% the year before.
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