B&Q Sales Surpass £4bn and Screwfix Expands with 70 New Stores
- Kingfisher reports record revenue and profits for the year ending January 2022
- Adjusted pre-tax profits surged 20.9% to £949m
- Total sales up 9.9% to £13.18bn
- Operating profit increased 24.7% year-on-year to £1.14bn
- E-commerce sales represent 18% of group sales, up 5.3% from last year
- Strong performances in UK, Ireland, France, and Romania
- Poland impacted by Covid-related store closures in Q1 last year
- Current showroom order book for B&Q and Castorama France is 72% higher YoY
- Like-for-like sales down 8.1% in Q1, but up 16% on a two-year basis
- Investments planned for e-commerce marketplace, Screwfix expansion, and new store openings in Poland
Kingfisher has reported a record year of revenue and profits, with adjusted pre-tax profits surging 20.9% to £949m. Total sales increased by 9.9% to £13.18bn compared to last year. Operating profit rose 24.7% year-on-year to £1.14bn, and retail profit grew 14.5%. The company attributes its success to effective management of product availability, supply chain, and inflation pressures. E-commerce sales account for 18% of group sales, up 5.3% from last year. Strong performances were seen in the UK, Ireland, France, and Romania, while Poland faced Covid-related store closures in Q1 last year. B&Q and Castorama France’s current showroom order book is 72% higher YoY. Like-for-like sales for Q1 are down 8.1%, but up 16% on a two-year basis. Kingfisher plans to accelerate investments in e-commerce, Screwfix expansion, and new store openings in Poland. The CEO is confident in faster growth due to continued strong execution and industry demand.
Factuality Level: 10
Factuality Justification: The article provides accurate information about Kingfisher’s financial performance, including revenue, profits, sales figures, and growth strategies without any misleading or irrelevant details. It also includes quotes from the CEO that support the claims made in the article.
Noise Level: 3
Noise Justification: The article provides relevant information about Kingfisher’s financial performance and future plans, with a focus on their revenue, profits, and strategies for growth. It also mentions the impact of Covid-19 on Poland and the uncertainty in the current macroeconomic environment. However, it lacks analysis or exploration of long-term trends or consequences of decisions on those who bear the risks.
Financial Relevance: Yes
Financial Markets Impacted: Kingfisher’s stock price may be impacted by its financial performance and future investment plans.
Financial Rating Justification: The article discusses Kingfisher’s financial performance, including revenue, profits, sales growth, and future investment plans. This information could potentially affect the company’s stock price and the overall market sentiment towards home improvement retailers.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article.
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