3 FTSE Retail Stocks in Focus After Kingfisher Shares Surge
by Scarlett S. Stock Market Analyst
UK-based home improvement retailer Kingfisher PLC (LON: KGF) announced its total sales increased by 6.8 per cent to £12.3 billion in the financial year ended on 31 January due to a new generation of DIY enthusiasts amid the pandemic in 2020.
According to a survey conducted by the company in February this year, about 20 per cent of people in the 18-34 age bracket had attempted Do It Yourself (DIY) activities for the first time during the lockdown. Kingfisher owns DIY chains, such as B&Q, Screwfix, Castorama and Brico Depot.
The company also reported that its FY2021 statutory profit before tax stood at £756 million from £103 million the year before. However, the previous year’s figure was also lower due to the payment of some exceptional costs.
Also Read: Kingfisher Plc (LON: KGF) May Beat Profit Expectations on Surge in DIY Demand
Thierry Garnie, CEO at Kingfisher, said the lockdown-induced longer trend was proving to be supportive for the industry.
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Created on Mar 23rd 2021 02:55. Viewed 313 times.