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B&Q owner Kingfisher cheered the City today as the growing trend for DIY boosted sales.
Same-stores sales at B&Q increased by 0.7% in the second quarter — far better than the 3.5% slump feared by City analysts. Total sales were up 1.5%.
Chief executive Ian Cheshire put it down to “renewed enthusiasm for DIY” during the recession.
But it spelled bad news for the professional handyman who is being squeezed out by homeowners doing more work themselves.
Sales at Screwfix, which supplies tradesmen with tools and other gear, were down 6%.
Cheshire said: “B&Q was again stronger than anticipated.
“It's tough out there, but a spell of barbecue weather and people's renewed enthusiasm for DIY has clearly been helpful.
“People are spending more time at home and in the garden, and increasingly looking to B&Q to help them do more upkeep and improvement themselves.
“But I believe it will be some time before we see more general spending improve in the wider economy.”
Kingfisher said like-for-like sales in the UK fell 0.6% in the second quarter but were up 0.2% in the first half.
Group sales, which include its businesses in France, Poland and China, were down 1.9% in the quarter and 1.8% in the half.
The value of Kingfisher shares have nearly doubled in the last 12 months and were unchanged on 206p today.
