B&Q’s retail profits grew 12% to £67m for the quarter ended May 1.
Parent company Kingfisher said gross margins benefited from better sales of higher margin products and more direct sourcing.
Sales were down 2.1% to £1.04bn (down 2.8% on a like-for-like basis), with sales of seasonal and building products down around 5%.
The roll-out of the new B&Q TradePoint in-store concept, first announced in March, remains on track, with the intention of taking the best of B&Q and adding the best of Screwfix’s ranges and logistics expertise to create a merchant environment with extended trade brands and trade only prices.
“Whilst this is a good start to the year, our first quarter is typically one of the least significant contributors to annual profit and so there is much still to do this year,” said Kingfisher group chief executive Ian Cheshire.
Kingfisher’s sales of FSC-certified timber in 2009-2010 rose for the third consecutive year, the group said in its new Corporate Responsibility report.
B&Q now sources 75% of its timber from FSC-certified sources.
