DIY retailer Kingfisher benefits from stay at home Brits
Despite the poor weather experienced over the summer months, DIY giant Kingfisher said strong trading at B&Q has boosted pre-tax profits.
Brits are spending more time in their homes and gardens as a result of the downturn, resulting in a 35% jump in profits at the group.
Some Britons are opting to grow their own vegetables – which has led to a rise in sales of gardening equipment, said the group.
The housing market downturn has meant Britons are opting to improve rather than move, according to Ian Cheshire, chief executive of Kingfisher.
B&Q accounts for around 40% of turnover and saw profits surge by 66% to £137 million.
Mr Cheshire said: “We have delivered a strong set of results against a generally tough economic backdrop in our major markets.”
However, the group expressed caution and said it was braced for difficult trading conditions ahead.
Kingfisher has more than 800 stores across eight countries. Its largest markets are the UK, France and Poland, however it also operates in Turkey, Ireland, Spain, Russia and China.