Screwfix Posts One-Year LFL Sales Decline

Kingfisher PLC has published final results for the year ended 31st January.

For Group results, click here 

For Kingfisher France performance, click here 

Screwfix total sales increased by 1.6% (LFL -3.4%) to £2,365m, reflecting a robust performance against very strong prior year comparatives, especially in H1. In H2, total sales increased by 8.0% (LFL +2.1%), supported by good demand from trade customers. 3-year LFL sales for the year were up 14.2%, with the sales trend accelerating to +15.3% in Q4 versus +12.4% in Q3. Screwfix continued to grow its market share in FY 22/23, with strong gains in the year.

Screwfix’s e-commerce sales decreased by 9% YoY, again reflecting a resilient performance against strong online trading in the first half of the prior year. Ecommerce sales were up 137% on a 3-year basis, with e-commerce sales penetration of 60% (FY 21/22: 67%; FY 19/20: 33%). The business continued to strengthen its digital proposition throughout the year through the introduction of digital tablets in all stores, the launch of its product recommendations feature in the new Screwfix app, and the continued roll-out of Screwfix Sprint.

Space growth contributed c.5% to total sales. In FY 22/23, Screwfix opened 82 new stores (including 10 in Ireland), bringing the total to 872 as of 31 January 2023. The business remains on track to reach its target of over 1,000 stores in the UK & Ireland in the medium term.

As part of its international expansion plans, Screwfix launched as a pure-play online retailer in France in April 2021. Following encouraging results and learnings over an 18-month period, including customer NPS scores on a par with Screwfix UK, the business opened its first store in France in October 2022 and ended the financial year with five stores in operation. During the year, the business successfully implemented a tailored IT operating system, opened its first French distribution centre, onboarded a strong selection of local and national vendors, and accelerated its marketing efforts. The results for Screwfix International are captured in ‘Other International’.

For Group results, click here 

Source : Kingfisher PLC

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