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Kingfisher sales and profits boosted by Screwfix chain Kingfisher's shares hit as profits disappoint
(about 2 hours later)
Kingfisher, the owner of DIY chains B&Q and Screwfix, has seen "growth in both sales and profits", the company said. Shares in Kingfisher, the owner of DIY chains B&Q and Screwfix, have fallen 5% after the group reported lower-than-expected profits for the third quarter.
Screwfix, which recently opened its 300th store, delivered "a very strong performance", said group chief executive Ian Cheshire, but markets "remain challenging". Despite "a very strong performance" from Screwfix, group chief executive Ian Cheshire said markets "remain challenging".
Group retail profit was £271m ($442m; 325.6m euros) for the 13 weeks to 2 November, up 1.7% on the same period last year. Group retail profit was £271m (325.6m euros) for the 13 weeks to 2 November, up 1.7% on the same period last year.
Group sales were up 1.4% to £2.9bn. Analysts were expecting about £280m. Group sales were up 1.4% to £2.9bn.
"I remain enthusiastic about our longer-term prospects," Mr Cheshire added."I remain enthusiastic about our longer-term prospects," Mr Cheshire added.
UK and Ireland sales rose 3.7% to £1.1bn over the period, helping retail profit grow 8.3% to £63m.UK and Ireland sales rose 3.7% to £1.1bn over the period, helping retail profit grow 8.3% to £63m.
Screwfix saw its sales grow 21.1% - or 11.1% stripping out the effect of new store openings - to £180m. Screwfix saw its sales grow 21.1% - or 11.1% after stripping out the effect of new store openings - to £180m.
Its performance had been improved thanks to extended opening hours, new store openings and "the successful introduction of a mobile click, pay and collect offer last year", the company said. Its performance improved due to extended opening hours, new store openings, and "the successful introduction of a mobile click, pay and collect offer last year," the company said.
B&Q UK and Ireland's total sales rose 0.8% to £915m.
Kingfisher also owns Castorama and Brico Depot in France.Kingfisher also owns Castorama and Brico Depot in France.
Despite France's "weak market", total sales there were up 1.9%, the company said.Despite France's "weak market", total sales there were up 1.9%, the company said.
Kingfisher also operates the Koctas brand, a 50% joint venture in Turkey with the Koc Group.Kingfisher also operates the Koctas brand, a 50% joint venture in Turkey with the Koc Group.
It also has a 21% interest in Hornbach, a German DIY retailer.It also has a 21% interest in Hornbach, a German DIY retailer.