Kingfisher expands Screwfix
Published: 15 September, 2011
LONDON: Kingfisher, owner of Screwfix expects to open another 40 outlets by January 2012. It has already opened 13 new Screwfix outlets this year.
The announcement came as Kingfisher reported sharply higher profits. Pre-tax profits at the group rose 24% to £439m in the six months to the end of July. Kingfisher said it was investing £130m in the UK this year, four times the previous year. That includes £20m it is spending refurbishing the Focus DIY stores it bought earlier this year.
"Although the economic outlook is uncertain, this investment demonstrates our confidence in the UK's longer-term growth prospects," said Kingfisher chief executive Ian Cheshire.