B&Q plc’s retail profits doubled to £58m in the quarter ended May 2, thanks to outdoor seasonal products being boosted by good weather.
The DIY retailer’s sales grew 4.6% to £1.04bn (a 3.2% like-for-like rise).
“Despite the weak economic backdrop, the warm spring weather boosted sales of outdoor products, up over 30%,” said Kingfisher.
Reported gross margin was up 80 basis points, despite tough comparatives, reflecting lower mark down activity and supply chain cost efficiencies.
“Whilst there is still work to be done I am confident that B&Q is emerging from its renewal phase in better shape to convert sales volumes into cash profits,” said Kingfisher group chief executive Ian Cheshire.
“Looking ahead, we are unlikely to see a weather-driven seasonal bounce in demand again in 2009 and we continue to plan for a particularly tough balance of the year in our major markets.”
Screwfix limited its sales decline to 6% to £116m during the quarter.
