Screwfix to exit Germany
Kingfisher is closing its 19 German Screwfix branches and thus relinquishing its plans for growth in Germany for the time being, according to the German online reporting service diyonline.de, which quotes information from the sector. In the first half of 2018, the German Screwfix stores earned around GBP 6 bn (roughly EUR 6.75 bn at the current exchange rate). Although this was around 20 per cent more than in the same period the previous year, it was evidently still too little to achieve the ambitious expansion plans for Germany announced in the summer of 2014. At the time there was talk of over 600 possible Screwfix outlets in Germany. Florian Welz, general manager of Screwfix Germany, is moving to Zooplus AG, according to the same sources. With annual sales of latterly EUR 1.111 bn, the company is regarded as the leading online retailer of pet products in Europe.