Thursday 23 February 2017

B&Q owner Kingfisher pre-tax profits drop to €523m

Neil Maidment

B&Q is one of the companies owned by Kingfisher
B&Q is one of the companies owned by Kingfisher

Kingfisher, Europe's largest home improvements retailer, said it could open 200 more of its strongly performing British Screwfix stores, as first-half group profit dipped due to adverse foreign exchange movements on Tuesday.

The firm, which runs the B&Q chain in Ireland and the UK, as well as the Screwfix chain in Britain and Castorama

and Screwfix chains in Britain and Castorama and Brico Depot in France and other countries,

It said that adjusted pretax profit for the six months to the start of August fell 2.3pc to £384m (€523m)

That was slightly ahead of a forecast of 380 million pounds.

Group like-for-like sales rose by 2pc, with the UK and Ireland division up 3.3pc. In France underlying sales fell 0.3pc due to ongoing weak consumer confidence.

Kingfisher currently has 412 Screwfix UK stores, which supply tools, plumbing and electrical equipment to Britain's tradesmen and home improvement enthusiasts.


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