LONDON (AFP) – Kingfisher, the biggest home-improvements retailer in Europe, said on Thursday its first-half net profits leapt more than a third due to improved trading at B&Q and cost-cutting.
Despite the upbeat performance, the group sounded a cautious note and forecast "challenging times" ahead because of the global economic outlook.
Profits after tax rallied 36.7 percent to 201 million pounds in the 26 weeks to August 1, compared with the same period of the previous financial year.
Total sales increased by 7.3 percent to 5.502 billion pounds, Kingfisher added in a results statement.
The group, which operates more than 820 stores in eight countries across Europe and Asia, also owns Castorama and Brico Depot stores in France.
"We have delivered a strong set of results against a generally tough economic backdrop in our major markets," said Chief Executive Ian Cheshire in the earnings release.
"We grew market share and our self-help initiatives are working, particularly in the UK, where a stronger B&Q was able to capitalise on better weather and the renewed consumer interest in the home and DIY."
He added: "Looking forward, given widespread economic uncertainty, we continue to plan for challenging times."
