Screwfix targets 40 new UK and Ireland stores this year
Screwfix is planning to open up to 40 new UK and Ireland stores in the 2024/25 financial year, as it aims to hit a medium-term target of 1,000 locations.
The retailer, which operates 922 stores in the UK and Ireland, opened 51 stores in the last financial year ending 31 January 2024.
This comes as the retailer’s parent group, Kingfisher, releases its final results for the 2023/24 financial year.
Kingfisher is also the owner of B&Q and B&Q’s trade-focused banner Tradepoint.
During the period, Tradepoint opened 21 counters, expanding its presence within the B&Q network to 209 stores (67% of stores).
Over the year, the group recorded a fall in total sales of 1.8% and a decline in like-for-like sales of 3.1%. Kingfisher said that positive UK & Ireland sales were offset by weaker performances in its European markets in France and Poland. Group operating profit was £580m, a year-on-year decline of 20%.
Thierry Garnier, Kingfisher chief executive officer, said: “Looking forward, we remain confident in the attractive growth prospects of the home improvement industry and our ability to grow ahead of our markets. In the short term, while repairs, maintenance and renovation activity on existing homes continue to support resilient demand, we are cautious on the overall market outlook for 2024 due to the lag between housing demand and home improvement demand. Against this backdrop we will remain agile and focused on what is within our control – leveraging our strategy to deliver market share growth, driving productivity gains, and managing our costs and cash effectively.”