British retailer Kingfisher posts higher annual profits

24th March 2011, Comments 0 comments

Kingfisher, Europe's biggest home-improvements retailer, said Thursday that annual net profits rose 27.5 percent to £491 million (566 million euros, $796 million) in 2010/11.

Kingfisher, which owns the B&Q chain in Britain and Castorama in France, said its profit after tax for the 12 months to January 29 compared with net income of 385 million pounds during the equivalent period in 2009/10.

"We have delivered another year of strong profit growth and cash generation in what continue to be challenging times for our customers around the world," chief executive Ian Cheshire said in Kingfisher's results statement.

"Looking ahead, although I see no let up in the challenging environment in the short-term, I am excited by our future prospects."

Cheshire added: "I believe we have an exciting growth opportunity, sustainable over the longer term, by creating a business that is the world's expert at making home improvement easier for customers."

© 2011 AFP

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