B&Q and Screwfix owner Kingfisher removes Russian and Belarusian products from its shelves – What We Know!

Kingfisher, which owns B&Q, says it has stopped stocking things made in Russia and Belarus

B&Q says it has stopped promoting issues from Russia and Belarus over the Ukraine struggle.

Proprietor Kingfisher additionally revealed earnings soared above £1 billion final yr because the DIY increase seen all through the Covid-19 pandemic continued.

Bosses mentioned the additional money could be handed out to shareholders by way of dividends and shopping for up inventory to spice up the share value, with £550 million returned to traders.

Nevertheless, the corporate noticed a marked fall in gross sales within the three months to the top of January, together with a uncommon drop in gross sales at its common Screwfix shops.

The corporate, which additionally owns DIY shops in France, Poland, Iberia and Romania, mentioned for the reason that struggle in Ukraine began it has eliminated Russian and Belarusian merchandise from its cabinets.

Kingfisher, which owns B&Q, says it has stopped stocking issues made in Russia and Belarus

The company sold its Castorama Russia business in September 2020 it revealed in report

The corporate bought its Castorama Russia enterprise in September 2020 it revealed in report

Kingfisher mentioned it was additionally in discussions with suppliers to make sure merchandise weren’t being sourced from both nation, saying they had been ‘shocked and deeply involved’ on the Ukrainian invasion.

The corporate bought its Castorama Russia enterprise in September 2020.

Rising inflation has been managed by way of inserting orders in bulk and making the most of Kingfisher’s measurement to safe higher phrases on transport containers.

However bosses warned they count on value strain to proceed into the present yr, with inflation more likely to rise additional as vitality and transport prices stay excessive.

The rubble of a shopping mall shelled by Russian forces in north west Kyiv yesterday

The rubble of a shopping center shelled by Russian forces in north west Kyiv yesterday

The scarcity of merchandise additionally had a small influence through the yr, the corporate added, with uncooked supplies for housebuilding and outside ranges notably impacted.

Total, it was a powerful yr for the group, with gross sales up 6.8% to £13.2 billion and pre-tax revenue leaping 33% to £1 billion within the 12 months to the top of January in contrast with a yr earlier.

However a lot of the development got here within the first half of final yr – because the retailer benefited from its important retailer standing whereas different shops had been closed throughout lockdown intervals.

Within the UK and Eire, B&Q gross sales fell 5.6% within the three months from August to October, and dropped 2.9% within the three months from November to January.

Screwfix grew simply 0.2% and fell 4.2% in the identical two intervals in contrast with a yr earlier, though on a pre-Covid two-year foundation each manufacturers stay up.