More than 100 new B&Q and Screwfix stores are set to open this year, according to reports. The owner of the two chains, Kingfisher, aims to launch 50 smaller B&Q stores and another 60 Screwfix shops, it is understood.
The news comes following the announcement that eight smaller B&Q sites in Asda stores are closing. The closures started from March 11 and around 57 staff will be affected, although no jobs will be lost.
The staff impacted by the decision to close the "mini-markets" are to be offered alternative roles in nearby stores. B&Q said the decision was made after an "intensive review" of the test format. At the time of the announcement, B&Q strategy director Chris Bargate said the retailer will now focus on its smaller B&Q Local high street stores.
The Mirror said Kingfisher wants to open "at least" 50 smaller B&Q stores and 60 more Screwfix sites. Kingfisher chief executive officer Thierry Garnier told The Sun: "We are in a good shape to be honest. We have no debt, we have executed our plan and there is a lot of opportunities for growth still. It is our responsibility to pursue growth quickly."
Kingfisher reported a more than 20% fall in profits in the 12 months to the end of January. The business said adjusted pre-tax profit had dropped to £758million over the last financial year. This year it expects a further drop to around £633m – in line with what analysts have forecast.
