B&Q profit up 20 per cent with outdoor living up 68 per cent

Retail profit at B&Q UK and Ireland has grown by 20.6 per cent to £46m in the third quarter of its financial year.

B&Q's outdoor living range sells well - image: B&Q
B&Q's outdoor living range sells well - image: B&Q

Parent company Kingfisher said total sales grew 0.4 per cent (down 0.9 per cent like-for-like ), with sales benefiting from the closure of Focus DIY in the second quarter. Sales of outdoor seasonal products were boosted by the warm autumn weather, with garden furniture sales up 68 per cent.

Non-seasonal products sales dipped around four per cent. up 68 per cent

Total sales for the Kingfisher Group went up 3.5 per cent to £2,814m in Q3, and increased 1.3 per cent like-for-like.

Group retail profit rose 13 per cent to £273m, driven by higher sales and continued margin initiatives, including more direct sourcing and the start of common ranging across the group, which also includes Castorama and Brico Dépôt in France.

The company is now in the penultimate quarter of its four-year 'Delivering Value' programme, the key components of which include growing group sourcing, reducing working capital, driving up B&Q UK & Ireland's profit and rolling out in Eastern Europe.

Kingfisher chief executive Ian Cheshire said:

"Our well-established programme of self-help initiatives has continued to drive our growth despite these difficult times for European consumers. I am pleased that our teams' hard work has resulted in healthy sales growth and a 13% profit growth in our third quarter... Looking ahead, the short-term outlook in our major markets remains challenging but Kingfisher is in good shape, and we are more able to drive market share gains, profit growth and higher cash returns."

He added:

"I'm enthusiastic about out longer-term prospects and the team here is excited about formally launching the second phase of self-help initiatives next year - 'Creating the Leader' - to drive more growth and shareholder value over the coming years."

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