Kingfisher expects growth to slow down in second half of the year

Kingfisher, the parent company of B&Q, Castorama and Brico Dépôt, among others, expects it will be difficult to match last year. As a result of the lockdowns, there was a real run on do-it-yourself products and garden items.

Solid growth thanks to Covid

The UK hardware group saw sales rise 7 per cent to 12.3 billion pounds (14.3 billion euros) in the 2020-2021 financial year, which ended at the end of January. Pre-tax profits rose 44 per cent to 756 million pounds (878 million euros). Kingfisher benefited particularly from a sharp rise in home and garden spending. Online sales, which more than doubled, now represent almost a fifth of total sales.

In France, the British retailer recorded growth for the first time in five years. The French subsidiaries Castorama and Brico Dépôt achieved a combined turnover of the equivalent of 5 billion euros. That is a growth of 5.1 per cent on a comparable basis, writes French news channel LSA.

Kingfisher expects 2021 to be a year of “two speeds”. During the first half of the year, the group expects low double-digit revenue growth. After that, there would be a gradual slowing of growth, reports the FT.