B&Q sales rise boost Kingfisher profits by 28%

By MARTINA LEES
Updated: 08:32 EST, 3 December 2009

B&Q sales were boosted in part by the better summer weather

B&Q said a renewed interest in DIY home improvement has led to a big increase in its sales.

The DIY chain said like-for-like sales, which excludes new stores, were up 5.7 per cent  in the 13 weeks to October 31.

It was helped in part by the demise of competitors like MFI, the bathroom and kitchen outfitters. Sales of kitchens and appliances at B&Q rose by 27 per cent after the chain launched new ranges.

B&Q also fully revamped one store and refitted the kitchen, bedroom and bathroom showrooms at another 49 stores.

The summer weather, which was better than last year, boosted sales of outdoor products by 11 per cent.

The chain's overall retail profits grew 45 per cent in the quarter to £43million.

Kingfisher, which owns 330 B&Q stores in Britain and Ireland, said the chain helped to boost group profits by 28 per cent to £227million.

The results were better than the £204million to £225million forecasted by analysts.

However, the firm added that its other British business, the wholesale DIY trader Screwfix, had continued to struggle in the recession.

Screwfix sales fell by 3.8 per cent in the period.

Across the Kingfisher group, total sales were up 5.6%, while like-for-like sales increased by 0.8%.

'This is a strong set of results,' said Kingfisher chief executive Ian Cheshire.

He added that 80 per cent of the group's profits came from its businesses abroad, especially in Poland and France.

But Mr Cheshire warned that he would not assume any 'early help from improved consumer demand'.