Group profits slid 1.9 per cent to£171.7 million in the 13 weeks to November 3. Sales rose 6.4 per cent and like-for-like growth was 1.9 per cent.
Sales at the UK B&Q division climbed 0.8 per cent to£961.9 million. Like-for-likes fell 0.2 per cent and retail profit dropped to£37.8 million, down from£46.6 million the previous year.
During the financial year, B&Q has continued to revamp its stores, created a more female-friendly focus and introduced a Do It For Me strategy including installation services.
Eight B&Q stores were revamped during the period to November 3, taking the number of new-look stores to 31. The retailer has updated about 45 per cent of its decorative ranges and is on track to increase that to 60 per cent by the end of the year.
Sales at the French division were up 5.6 per cent and posted like-for-like growth of 2.3 per cent. Profits soared 15.5 per cent as higher own-brand sales drove margins.
In the rest of Europe, sales rocketed 18.6 per cent, with a like-for-like increase of 10.1 per cent, driven by Kingfisher's performance in Poland.
Sales in Asia were up 8.6 per cent and like-for-likes climbed 0.4 per cent. The retailer said a slowdown in new apartment sales in Chinese markets hit B&Q’s installation sales.
Kingfisher chairman Peter Jackson said: “In aggregate, our international businesses, which account for more than half of Kingfisher’s sales, again delivered positive sales and profit growth driven by particularly good performances in France and Poland.
"In the UK, where consumer demand is widely anticipated to soften further over the coming months, B&Q’s renewal is progressing well, with the new ranges and revamped stores showing that a compelling offer in the right store environment will continue to attract customers.”
Earlier this month, chief executive Gerry Murphy said he would step down in February after five years in his role. Ian Cheshire, head of B&Q, has been tipped as a likely successor.
No comments yet