B&Q owner confident of long-term prospects
B&Q owner Kingfisher predicted a brighter outlook for the home improvement market today, despite seeing profits fall for the second successive year.
Kingfisher posted pre-tax profits of £396.6m (€584.9m) for the year to February 3, a fall of 11% on last year but ahead of analysts’ forecasts of £389m (€573.7m).
The company said that better weather had boosted trading since the end of the year, ahead of the key Easter trading period.
Chief executive Gerry Murphy said: “While trading conditions for our biggest businesses continue to be challenging, the longer-term outlook remains positive for home improvement retailing.”
