B&Q owner flying high as DIY fans gloss over Brexit

Spurred on by summer and untroubled by Brexit, Brits embraced their DIY projects in the past three months, B&Q owner Kingfisher said today.

Same-store sales in the UK and Ireland rose 7.2% in the quarter to July 31. At B&Q, growth was 5.6%, while Screwfix remained the standout performer with 13.3%.

Overall like-for-like sales were up 3% at £3 billion as its French arm, where it owns the Castorama and Brico Dépôt, was hit by strikes and exceptionally wet weather.

Kingfisher’s sales are being closely watched for any signs of a Brexit-induced property market slowdown.

But chief executive Véronique Laury said the referendum did not appear to have put people off.

“There has been no clear evidence of an impact on demand so far on our businesses,” she said. The company also said online sales were rising, a key part of its five-year transformation plan.

But Haitong’s Tony Shiret expressed concern about dependence on Britain for growth.

“Given Brexit implications for discretionary demand, we would regard greater reliance on UK performance as a vulnerability.”