B&Q confirms profits fall of £25m in 2012

B&Q saw like-for-like sales fall by 5.6 per cent, with profits down 20.8 per cent in the year to 31 January - an estimated drop of £25m.

UK stores made a profit but in Ireland the nine B&Qs made a combined loss of £7m. Overall profits before tax at Kingfisher fell 13 per cent to £691m for the full year. Like-for-like sales dropped 2.9 per cent and overall revenue was down 2.4 per cent at £10.6bn.

The company has cut UK retail space at one of its B&Q stores by 50 per cent and is looking to do the same at four more stores, with a desire to cut floor space across its 361 outlets by 20 per cent.

Parent company Kingfisher chief executive Ian Cheshire said: "If you look at it in terms of a glass half full, last year we had the worst summer in 100 years; this is only the worst March in 50 years. The products that usually double in sales over Easter won't happen until people can physically get into the garden, yet alone enjoy it, but there is certainly a pent up desire to get out there."

Sales of greenhouses slumped 28 per cent last year but lawnmower sales were up 13 per cent. Wellington boot sales jumped 25 per cent.


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