Summer weather sees increased profits for Kingfisher
Summer weather sees increased profits for Kingfisher
Tuesday 2nd June 2009
Kingfisher has announced a surprise 40 per cent rise in profits for the first quarter of this year, in main due to the increased sales at its DIY chain B&Q as a result of the recent good weather.Up to the beginning of May, Kingfisher's retail profits reached £128 million, with profits from the UK almost doubling to £58 million.
During that time B&Q saw like-for-like sales rise by 3.2 per cent, with a 30 per cent increase in the sales of outdoor goods.
Despite the rise, Kingfisher overall figure dropped by 1.7 per cent and the company warned the weather-related sales boost was unlikely to last.
Commenting, Ian Cheshire, group chief executive, said: "We have made a good start to the year, boosted by better weather and a later Easter."
Kingfisher suffered outside the UK with sales falling in the international markets, especially in China where like-for-like sales fell 23.5 per cent for the three months up to the end of March.
"Whilst there are early signs of a pick-up in housing activity in some regions, this has yet to translate into stronger consumer demand for home improvements," a statement from Kingfisher said.
"The property slowdown has particularly impacted B&Q China's business as half its sales were generated from internal design and fit-out of new apartments."
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