Kingfisher may open new retail stores as profits dip

Kingfisher, Europe's largest home improvements retailer, said it could open 200 more of its strongly performing British Screwfix stores, as first-half group profit dipped due to adverse foreign exchange movements on Tuesday.

The firm, which runs the B&Q and Screwfix chains and Castorama and Brico Depot in France and other countries, said adjusted pretax profit for the six months to August fell 2.3 per cent to £384 million (€524 million).

That was slightly ahead of a forecast of £380 million pounds. Group like-for-like sales rose by 2.0 per cent, with the UK and Ireland division up 3.3 per cent. In France underlying sales fell 0.3 per cent due to ongoing weak consumer confidence.

Kingfisher currently has 412 Screwfix UK stores, which supply tools, plumbing and electrical equipment to Britain’s tradesmen and home improvement enthusiasts.

- Reuters