Europe's top home improvement retailer, Kingfisher, posted a near halving of first-quarter profit today and said it was still struggling with weak consumer demand in its core home market.
Kingfisher said in a statement that like-for-like sales fell 2.0 per cent in the 13 weeks to April 29th, and retail profit nearly halved to £68.4 million sterling.
"Kingfisher's first quarter again featured solid international performances and a very weak UK market," chief executive Gerry Murphy said in a statement.
"The first two months of the quarter were particularly weak as persistent cold weather in Europe delayed the start of the key garden and outdoor season and a major fire temporarily disrupted B&Q's kitchen deliveries," he said.
Like-for-like sales at market-leading chain B&Q fell 8.8 percent, Kingfisher said. That was partly offset by a 1.7 per cent rise in like-for-like sales at Castorama and Brico Depot in France, a 10.2 per cent rise in the rest of Europe and an 11.8 per cent rise in Asia.