Kingfisher delivers value with B&Q
Published: 17 September, 2009
LONDON: After the false start last week, the Kingfisher's approved H1 figures have been released. B&Q particularly has shown a profit increase of 66% in the first half of 2009.
Ian Cheshire, group chief executive, said: “We have delivered a strong set of results against a generally tough economic backdrop in our major markets. We grew market share and our self-help initiatives are working, particularly in the UK, where a stronger B&Q was able to capitalise on better weather and the renewed consumer interest in the home and DIY.
“Looking forward, given widespread economic uncertainty, we continue to plan for challenging times. However, we will retain flexibility in our trading plans and stay focused on our self-help initiatives so that while managing the business tightly we can capitalise on better demand as it arises and progress our ‘Delivering Value’ plan.”
The group retail profit was up 23.5%, driven by strong growth in the UK and Poland, while French sales and retail profit held flat in a weaker environment, supported by new margin and cost initiatives.
UK and Ireland sales were up 1.2%, and retail profit up 59.3%. B&Q profit up 66% benefiting from sales growth and continuing margin and cost improvements.
Other international sales up 5.2%, profits up 26.5% with continued strong growth in Poland, stabilised losses in China and resilient trading in Russia, Turkey and Spain.