B&Q profits rise as ONE Kingfisher outdoor ranges launched

Kingfisher has announced its final results for the year ended 31 January 2017, with adjusted sales up 1.7% at constant currency to £11,225m.

Underlying pre-tax profits of £787m for the year to January 31 were up from £686m a year earlier, after seeing B&Q like-for-like sales lift by 3.5 per cent.

B&Q total sales declined by 3.3% to £3,680 million reflecting planned store closures partly offset by sales transference. 

Like-for-like sales increased by 3.5% of which 2.6% resulted from sales transference associated with the store closures. LFL sales of seasonal products were up 3.1% while sales of non-seasonal products, including showroom, were up 3.6%.

Click & collect is now available on 31,500 products (up from 16,700 last year) and total digital sales including home delivery, grew by 45%.

Chief executive officer Véronique Laury said: "It has been a very productive and important year, a year which has again delivered sales and profit growth. I am really pleased that our performance has been achieved alongside delivering the key first year strategic milestones of our ambitious five year transformation plan, based on creating a unified company where customer needs come first. We have learned a lot and are aware of the challenges. We are well set up for next year and beyond as the level of activity increases."

ONE Kingfisher has undertaken in-depth studies of customer needs for outdoor and other ranges, adding unique ranges to Kingfisher, including "easy to store, space-efficient outdoor furniture and low maintenance, easy to install modular fencing".

The closure programme is now complete with 35 stores closed during 2016/17, taking the total to 65.


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