B&Q made retail profits of £37.8m in the third quarter, with the group expecting consumer demand to soften further over coming months.
The profits were down from £46.6m a year ago, but store revamps hit the result by £2m and clearance activity associated with updating building, hardware, bedroom and flooring ranges cost the company a further £12m.
Sales increased 0.8% to £961.9m, a -0.2% decrease in like-for-like terms.
“In the UK, where consumer demand is widely anticipated to soften further over the coming months, B&Q’s renewal is progressing well, with the new ranges and revamped stores showing that a compelling offer in the right store environment will continue to attract customers,” Peter Jackson, chairman of B&Q’s parent company Kingfisher plc.
B&Q now has 116 large stores (31 in a new modern format) and 208 medium stores (142 modernised).
Another Kingfisher company, Screwfix saw its sales grow to £117.1m in the third quarter, driven by higher customer numbers and higher average values compared to last year.
