Kingfisher (KGF.L), owner of DIY giant B&Q, reported a surge in pre-tax profit and online sales as Brits rush to renovate their homes amid the coronavirus pandemic.
The group said in its first half results statement that while sales were down 1.1%, reflecting an adverse impact of COVID-19 in the first quarter, this was partially offset by strong recovery in Q2.
Like-for-like sales also fell 1.6% in the first quarter but growth in B&Q across Poland and Romania and a 19.5% surge in sales in the second quarter offset some of the pain.
E-commerce sales also rocketed 164% and now accounts for 19% of total group sales in the first half of 2020, as people turned to online shopping during the coronavirus lockdown.
Retail profit also rose 17.7%, largely driven by lower overall costs and B&Q performance while adjusted pre-tax profit rose 23.1%.
“We delivered a resilient financial performance in