Kingfisher cuts dividend

B&Q's total reported sales were £3.9 billion, up 2.7 per cent (52 weeks). Like for likes were up, by 0.6 per cent. Total sales grew 4.8 per cent over the first half but only 0.5 per cent in the second half reflecting a tougher retail environment. The final dividend is to drop by 50 per cent to 3.4p per share, taking the full year payout down 32% to 7.25p and the firm expects to repeat a similar cut to the forthcoming interim dividend. Ian Cheshire, CEO said "No business can fully shield itself from economic cycles and given the current state of the financial markets, most commentators are expecting the short-term outlook to worsen before it improves. "Against this background, our priorities remain on improving cash margin and controlling costs."