Kingfisher plc, UK-based operator of 900 home improvement stores in Europe and Asia, reported sales were up 3.8% in the first half of its fiscal year and adjusted pre-tax profits were up 24%, to £439 million.
The company sells large and small home appliances, Home heating and air-conditioning equipment, and outdoor power equipment.
Sales in the first half of the 2011/2012 fiscal year were £5,662 million, up from £5,454m million in the first half of fiscal year 2010/2011. Sales were up 3.8% total reported change, up 3.0% total constant currency change, and up 1.6% like-for-like change.
The retailers said self-help initiatives drove strong growth in the three main operating divisions, despite challenging consumer markets.
• French retail profits were up 23.9% to £201 million, driven by excellent sales growth (+4.5% like-for-like) and margin initiatives.
• UK and Ireland retail profits were up 6.1% to £182 million, benefiting from ongoing sourcing and cost initiatives. Retail chain B&Q profits grew 4.5%, despite the one-off adverse impact of Focus DIY stock clearance activity ahead of its closure. Screwfix, the retail store and online brand selling to the trades, showed profits up 25.3% and the group plans to accelerate Screwfix expansion in the second half of the fiscal year.
• Other International retail profits were up 24.7% to £90 million driven by good profit growth in Poland, Spain, Turkey, and Germany and lower losses in Russia and China.
Home Improvement Retailer Kingfisher Reports 1H Sales Increase
Sep 26, 2011
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