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DIY stores report mixed summer results

Created: 05/09/2017

As the summer draws to a close, business analysts have been poring over the performance of the UK’s biggest DIY chains, and - partly due to the great British weather – the results have been mixed.

This BBC News article describes how the country’s two most recognisable DIY brands, B&Q and Homebase, both suffered in the three month-period from May to July as consumers held back from buying traditionally strong seasonal sellers like garden furniture.

Whilst Homebase’s owners would no doubt have been slightly alarmed by their 4.3% drop in like-for-like sales, this result was still not quite as poor as B&Q’s, who saw their sales slump by 4.7%.

This disappointing performance led to Kingfisher, who own B&Q, losing 4.1% of their share value, which was the most lost by any FTSE 100 company during the period.

Homebase have now been owned for over a year by Bunnings Group, an Australian firm who purchased the company for £340 million. Since that time, Bunnings has been developing a strategy to secure Homebase’s long-term growth, with managing director Michael Schneider admitting that they were in for a “long slog”, adding that “there’s no silver bullet” for changing a company’s fortunes.

Screwfix continues to impress

Not every DIY firm wilted in the summer heat, however, with Screwfix – also owned by Kingfisher – reporting a 10% rise in sales between May and July. This particular result will surely come as a relief to the industry in general as an indication that it is not DIY as a whole which is falling out of favour with the public.

Whatever the financial results of Britain’s biggest DIY stores, there can be no doubting the UK’s continued passion for improving our homes. Whether it is always wise for us to make these improvements ourselves, however, is another matter – remember to leave the biggest jobs to the experts at handyman companies in London to ensure complete peace of mind.  

Image Credit: Lee Bristol



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