Kingfisher profits up as DIY returns to fashion

Jun 2 2009 By nebusiness

Consumer demand for outdoor products in the warm spring weather helped DIY chain B&Q double its first quarter profits, the firm revealed today.

B&Q parent Kingfisher - the world’s third largest home improvement business - said retail profits for the UK arm of the chain rose to £58m in the 13 weeks to May 2, from £29m in the same period last year.

Sales of outdoor items soared 30% in the quarter, while bathroom and bedroom sales were slightly up, pushed higher by new ranges and the withdrawal of competitors from the market.

Overall UK profits - which includes results for Screwfix - were up 89.2% to £61m in the quarter.

Kingfisher said profits were driven by higher sales, margin and cost improvements.