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Profits rise for Kingfisher

Published: 20 September 2007
B&Q delivers 5% rise in sales while the international division generates 14% increase.
Kingfisher reported a 6.2% increase in first-half profits today, but warned it expects a tough second half of the year in the UK.

Retail sales for the group were up 10.7% (+4.3% on a like-for-like basis – both in constant currency).

In the UK, B&Q grew sales 5% and retail profit, before store revamp costs, increased by 13%.

Sales highlights in the UK were seen in decorative, building and kitchen products.

Kingfisher said good progress was made modernising stores, and launching new products such as wall and window coverings, soft furnishings, kitchens, bathrooms and designer radiators, which will now be backed by a major advertising campaign.

B&Q now has 115 large stores (21 in the latest format) and 210 medium stores (of which 135 have been modernised).

At Screwfix sales grew 30.3%, driven by an expanded catalogue and the roll-out of new trade counters.

The international businesses, which now account for more than half of Kingfisher's sales, delivered strong sales, up 14%, and retail profit growth of 11%.

Elsewhere in Europe and Asia, sales grew by 25% and retail profit by 10%, boosted by a very strong performance in Poland, offsetting a weaker result in China.

Gerry Murphy, chief executive of Kingfisher said he was boosted with the the UK businesses delivering 'sales growth in a market which remains relatively weak'.

However he expects "the second half to be tough as recent interest rate rises and current uncertainty in financial markets affect customer behaviour."


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