Kingfisher posts rising profits, boosted by France

1st December 2011, Comments 0 comments

Kingfisher, Europe's biggest home-improvements retailer, said on Thursday that third-quarter retail profits jumped by 13.9 percent as the group was boosted by its French division.

Earnings rallied to £273 million ($430 million, 319 million euros) in the group's third quarter or 13 weeks to October 29, compared with the same period of the previous financial year, Kingfisher said in a results statement.

Kingfisher, which owns the B&Q chain in Britain and Castorama in France, added that sales grew 4.6 percent in the reporting period to £2.81 billion.

"I am pleased that our teams' hard work has resulted in healthy sales growth and a 13-percent profit growth in our third quarter, one of our most significant trading periods of the year, particularly in France," said chief executive Ian Cheshire in the statement.

"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."

© 2011 AFP

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