B&Q hurts Kingfisher profits
B&Q owner Kingfisher today highlighted the difficult trading environment in the UK DIY sector by posting a 12.6% drop in half-year pre-tax profits.
Kingfisher reported pre-tax profits of £223.1m (€330.4m) for the six months to July 29 against £255.2m (€378m) in the same period last year.
Chief executive Gerry Murphy said: “The continuing weakness of the UK home improvement market has again impacted on B&Q’s overall sales and margin performance.
“However, management’s action programme is now showing encouraging signs of progress.”
Much of the damage was done in the first quarter, as unusually cold weather in March compounded tough trading conditions.
Kingfisher has been working on plans for a three-year refurbishment programme in the UK, which will involve 110 stores of around 100,000 square feet.
The company is the largest home improvement retailer in the UK and the third largest in the world, with more than 680 stores in 11 countries in Europe and Asia.
