Screwfix sales surge help Kingfisher raise profit forecast amid B&Q struggles

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Kingfisher, the parent company of B&Q, has raised its full-year earnings forecast even as half-year sales at the DIY retailer slowed, influenced by cautious British consumers delaying major purchases.

Comparable sales for B&Q across the UK and Ireland fell by 1.8 per cent during the second quarter. The decline was heavily driven by an 8.1 per cent drop in higher-value items, largely caused by reduced demand for bathroom products.

However, this represented an improvement compared to the 4.1 per cent reduction recorded in the first quarter, with periods of hot weather stimulating a recovery in seasonal goods.

Robust performance from Screwfix also supported the group, posting a 7.1 per cent surge in second-quarter revenues. This pushed combined UK and Irish same-store sales up by 1.6 per cent for the quarter and 0.4 per cent over the half-year period.

Kingfisher – which also operates European retail brands such as Brico Depot and Castorama – recorded a 9.9 per cent rise in underlying pre-tax profits to £404 million for the six months ending 31 July, aided by a one-off £14 million UK business rates refund.

On a statutory basis, pre-tax profits jumped 18.4 per cent to £400 million.

The group increased its guidance for full-year underlying pre-tax profit guidance to between £595 million and £635 million, up from the £565 million to £625 million previously pencilled in.

Outgoing chief executive Thierry Garnier said: “While the consumer environment remains mixed, our consistent delivery, strategic progress and opportunities ahead give us the confidence to upgrade our guidance.”

Mr Garnier announced plans in May to step down after nearly seven years to head up Netherlands-headquartered supermarket group Ahold Delhaize, but is remaining in place during the hunt for his successor.

The group said record summer heatwaves saw a boost in demand for air conditioning and cooling products, as well as outdoor living ranges, but impacted sales of plants, indoor and outdoor paint and fencing – as the heat put many off DIY work.

It also helped drive a shift towards online shopping with customers shunning stores in the heat, as B&Q app and internet sales jumped 19.3 per cent in the first half.

The group said it had overhauled its bathroom ranges to help revive big-ticket sales, but that waning consumer confidence amid high inflation and the Iran war was holding back spending.

Mr Garnier said the outlook for consumer spending over the remainder of 2026 was “not fantastic”, but fairly stable.

He told reporters on a media call he would like the upcoming UK Budget to see changes to the onerous business rates system, and to level the playing field between bricks and mortar retailers and online players.

But he added: “I hope larger stores won’t be penalised.”

Overall, he said the firm was looking for greater certainty.

“Stability and certainty are always what we look for as a business, and for me as well as a consumer,” he said.

Analysts at Peel Hunt praised a solid set of half-year figures from Kingfisher.

They said: “Kingfisher is in a good place, in our view

“The group has delivered growth despite a lacklustre market backdrop, especially in big ticket.”