B&Q-owner Kingfisher today revealed that sales of barbecues, hosepipes and garden furniture have sizzled in this month’s heatwave, helping to push shares to a 12-year high.
The DIY group was hit by the wettest March for 50 years and last year’s summer washout, but its UK and Ireland division, including its Screwfix trade format, basked in a 2.5% increase in underlying sales over the 10 weeks to July 13.
Chief executive Ian Cheshire said: “We have been able to capitalise on the better weather conditions in the second quarter, particularly in the UK, which has helped us to deliver growth.”
The scorching recent weather heated up barbecue sales by 89%, sales of wooden outdoor furniture by 56% and hosepipes by 82%.
Kingfisher, which has 1,060 stores in nine countries from France to China, grew total sales by 5.2%.
In addition to the hot weather, investors have piled back into Kingfisher, believing B&Q will be boosted by the nascent recovery in the housing market. Shares jumped 5.3p to 390.1p today, valuing Kingfisher at £9.3 billion.
