Kingfisher quarterly profits rocket
Retail profit up 23.4per cent to £277m.
Sales in the 13 weeks ended 31 October were £2.69bn, up 5.6 per cent on a reported basis and up 2.4% in constant currencies. Like forlike sales increased by 0.8% and retail profit rose by 23.4% to £277m.
Kingfisher UK & Ireland total sales were up 4.4% to £1,092 million (+3.9% LFL) and retail profit up 26.9%
B&Q in the UK & Ireland total sales grew 6.3% to £970 million (+5.7% LFL). Sales of DIY and decorative products remained resilient, up around 1%, supported by increasing consumer interest in DIY, and stock clearance activity. Bigger ticket project sales were up around 11% (e.g. kitchen and appliances up 27%), helped by improved merchandising and new ranges, as well as continued good sales growth from revamped large stores and competitor withdrawal. Sales of outdoor products were up 11% (2008/09 seasonal sales down 17%).
Ian Cheshire, Group Chief Executive, said: "This is a strong set of results with our businesses in France, Poland and B&Q UK performing well. With 80% of the quarter's profit earned outside the UK & Ireland, we are clearly benefiting from our long-established international strategy. Our self-help initiatives continued to boost profitability and cash generation right across the Group."
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