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| B&Q owner Kingfisher profits hit by wet weather | B&Q owner Kingfisher profits hit by wet weather |
| (35 minutes later) | |
| Kingfisher, owner of the B&Q DIY chain, has posted a big fall in profits after what it described as "a tough year". | Kingfisher, owner of the B&Q DIY chain, has posted a big fall in profits after what it described as "a tough year". |
| Pre-tax profits for the 12 months to the end of January were down 11.4% to £715m compared with a year earlier. | |
| Kingfisher blamed weak consumer confidence, unfavourable currency exchange rates, and bad UK weather hitting sales of "seasonal products". | |
| Kingfisher is the third largest DIY retailer in the world, with more than 1,000 stores in eight countries. | Kingfisher is the third largest DIY retailer in the world, with more than 1,000 stores in eight countries. |
| It trades as B&Q and Screwfix in the UK, Castorama and Brico Depot in France, as well as joint ventures in Turkey and Germany. | |
| Chief executive Ian Cheshire said the company expected market conditions to remain challenging. | |
| "We have had a tough year, impacted by unfavourable foreign exchange, record adverse weather in the UK and declining underlying markets in each of our three key territories," he said. | |
| "Looking ahead, although we expect market conditions to remain challenging... I remain very confident in our prospects, with clear initiatives underway to make it easier for our customers to have better and more sustainable homes." |