Kingfisher’s Home Improvement Retailer Screwfix Thrives Amidst Pandemic Demand
- Screwfix to open 80 new stores by next year
- Creating around 800 retail jobs
- Boosted by home-improvement surge during pandemic lockdowns
- Increased adjusted pre-tax profits by 20.9% to £949m
- Total sales up 9.9% to £13.18bn
- Operating profit increased 24.7% year-on-year to £1.14bn
Screwfix, owned by Kingfisher, plans to open 80 new stores across the UK and Ireland by next year, creating around 800 jobs. The home improvement retailer has seen sustained demand from tradespeople during pandemic lockdowns and reported record revenues and profits for the year ending 31 January 2022. Adjusted pre-tax profits surged 20.9% to £949m, total sales increased by 9.9% to £13.18bn, and operating profit rose 24.7% year-on-year to £1.14bn. The strong performances were seen in the UK, Ireland, France, Iberia, and Romania, while Poland faced Covid-related store closures in Q1 last year.
Factuality Level: 9
Factuality Justification: The article provides accurate information about Screwfix’s expansion plans, the positive impact on local communities, and the company’s financial performance. It cites specific numbers for profits and sales growth, and includes quotes from a relevant source.
Noise Level: 3
Noise Justification: The article provides relevant information about Screwfix’s expansion plans and the positive financial performance of Kingfisher. However, it lacks in-depth 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 and related retail industry stocks may be affected by the expansion plans and financial performance.
Financial Rating Justification: The article discusses Kingfisher’s financial performance, store expansion plans, and job creation, which are all relevant to finance and the retail industry. It also mentions the impact on Poland due to Covid-related store closures.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
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