This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-21936358
The article has changed 3 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| 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. | 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 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, and also has a significant presence in Poland. It has invested in joint ventures in Turkey and Germany. | |
| Sales were down 2.4% across all markets, the group said. In the UK, a wet summer was estimated to have cost B&Q £25m, with fewer customers visiting stores. | |
| Declining markets | |
| Adverse exchange rates also affected profits made in euros or the Polish zloty when converted into sterling, Kingfisher said. | |
| Chief executive Ian Cheshire said the company expected market conditions to remain challenging. | 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. | "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." | "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." |
| Kingfisher is planning to boost profitability by buying more goods from cheaper sources, such as China. |