B&Q in the UK and Ireland saw sales fall 2.3% to £906m with retail profit up 1.7% to £45m. C
hief executive Ian Cheshire said Kingfisher’s markets remained challenging, but the company remained in good shape and he was enthusiastic about the long-term future.
However, analysts said profits had failed to meet expectations and one said he was concerned the decline was not down to bad weather or the economy, but was structural.
UK sales fell by 3.8% to £1.05bn in the third quarter to October 27. Profits grew by 5.5% to £59m driven by a higher gross margin and continued cost initiatives.
Total group sales, including France and other international operations, were down 2.8% at £2.7bn. Group profits were almost unchanged at £257m; however, analysts had targeted £259m.
“Our markets remain challenging, with consumer confidence still weak and so we maintain our strong focus on margin, costs and cash,” said Mr Cheshire.
“Kingfisher is in good shape and I remain enthusiastic about our longer-term prospects.”
