Retail group Kingfisher yesterday swept aside fears of a slowdown in the DIY market by reporting a six per cent rise in sales at its B&Q chain.
Kingfisher said poor summer weather dampened sales of seasonal ranges such as garden furniture, but demand for kitchens and bathrooms meant it was able to capture further market share.
Profits improved 18.4 per cent to £345.9m during the six months to July 31 from £292.2m a year ago, which was in line with the expectations of analysts.
This improvement followed higher sales, cost cuts, better buying arrangements, international sourcing and the development of its own range of products.
In the UK, which accounts for 58 per cent of group sales, Kingfisher said the repair and home improvement market was estimated to have grown by three per cent in the period.
Higher demand for joinery and electrical goods, coupled with the strong performance of its showroom ranges, meant B&Q was able to counter the impact of discounts offered by rival DIY retailers.
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