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The Times & The Sunday Times
The Times & The Sunday Times
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It’s tough in DIY

By Sarah Butler
The Times
By Sarah Butler
The Times

Kingfisher’s retail profits slumped 20 per cent as the impact of price cutting and general consumer malaise affected its core DIY chain, B&Q.

Underlying sales fell 5.5 per cent and gross margins dropped 1.5 percentage points.

But shares rose yesterday on relief that the retailer fared better than had been anticipated. Sentiment was helped by Ian Cheshire, the new B&Q boss, who expressed optimism about the future of the chain.

Sales declines eased in the second quarter while strong cost control and tighter stocks helped limit margin decline.

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B&Q is forecast to return to profits growth but the rest of the year is still expected to remain tough in both the UK and France.