Screwfix Sales Increase To £2,538m

Kingfisher has published full-year results for the year ended 31st January 2024.

Screwfix total sales increased by 7.3% (LFL +1.4%) to £2,538m, driven by resilient demand from trade customers. Good performance was seen across most categories, with tools & hardware, building & joinery and outdoor performing particularly well. Sales trends slowed in H2 (LFL -0.2%) largely due to a weak market in December and unseasonably warmer weather throughout the period. The business gained significant market share in the year. Screwfix’s e-commerce sales increased by 1.6% YoY, with ecommerce sales penetration of 57% (FY 22/23: 60%; FY 19/20: 33%), reducing slightly YoY due to the increasing adoption of in-store digital browsing tablets.

Space growth and acquisitions contributed c.6% to total Screwfix sales. Screwfix opened 51 new stores, including 46 in the UK and five in Ireland, and closed one store in the UK, bringing its total to 922 as of 31 January 2024. Screwfix plans to open up to 40 new stores in the UK & Ireland in FY 24/25, remaining on track to reach its medium-term goal of over 1,000 stores. 

In March 2023, the business acquired the stock, intellectual property, contracts and fixed assets of Connect Distribution Services Limited (renamed Screwfix Spares), a leading retailer of appliance spares, accessories and consumables to tradespeople and consumers. Since acquisition, Screwfix Spares has performed in line with expectations, contributing c.1.8% to total Screwfix sales growth. Monthly sales accelerated in H2, with the business reaching a profit-making position by the end of the year.

Further progressing its international expansion plans, Screwfix opened 15 stores in France in the year (with 20 stores in total as of 31 January 2024), and plans to open up to 15 stores in FY 24/25. The results for Screwfix International are captured in ‘Other International’. 

Source : Kingfisher

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