Kingfisher sales up 7.4%
- Published: 29 March 2007 10:07
- Last Updated: 29 March 2007 10:07
Rise led by improved trading at B&Q
Kingfisher posted sales up 7.4 per cent, spurred by improved trading at B&Q in the second half.Group like-for-like sales increased 0.9 per cent for the year to February 3. Pre-tax profits slumped 11 per cent to £396.6 million, but the retailer said that pre-tax profits had been up 13 per cent in the second half.Sales at the UK division, which includes B&Q, Screwfix Direct and Trade Depot, rose 2.1 per cent to £4.2 billion. Profit fell 16.8 per cent to £182.6 million. B&Q sales fell 1.7 per cent to £3.9 billion, down 2.9 per cent like-for-like. Group chief executive Gerry Murphy said: 'The UK home improvement market stabilised during the year and B&Q delivered sales and profit growth in the second half. B&Q's development programme is encouraging and the pace of activity is accelerating in 2007/2008. I remain convinced that these initiatives will make B&Q more attractive to its customers and more valuable for shareholders.'Sales at the company's French operation grew 9 per cent ahead of the market, but retail profit was lower, reflecting accelerated development and continuing price pressure.Murphy said the outlook for the group remained challenging, but his long-term view was positive for the home improvement market. He said: 'Ahead of the key Easter trading period, early 2007/2008 trading has been stronger in our major markets, supported by better weather.'Advertisement
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