British retailer Kingfisher says profits up by quarter

16th September 2010, Comments 0 comments

Kingfisher, Europe's biggest home-improvements retailer, said Thursday that its net profits rose 24 percent to 250 million pounds (299 million euros, 389 million dollars) during its first half.

Kingfisher, which owns the B&Q chain in Britain and Castorama in France, said its profit after tax for the six months to July 31 compared with net income of 201 million pounds during the equivalent period in 2009.

"We have traded well with profit again strongly ahead and financial debt reduced," said group chief executive Ian Cheshire, who gave a cautious outlook.

"As we have consistently said, the immediate outlook for consumer spending is fragile, particularly in the UK where it is likely to remain challenging for some time.

"Our continued profit growth will come from our well-established self-help initiatives, including sourcing more products through our global network and vigorously driving operating cost efficiencies," he added in a statement.

The results came as official data showed British retail sales fell surprisingly in August.

© 2010 AFP

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