Kingfisher profits hit by soggy summer

DIY RETAILER Kingfisher this morning posted an 11.4 per cent fall in annual profit, as it was hit by record wet weather.

Adjusted pre-tax profit fell to £715m over the year, down from £807m in 2011 on sales 2.4 per cent lower at £10.6bn.

Weak consumer confidence, unfavourable foreign exchange movement and a washout summer in the UK all weighed on profits, the B&Q owner said this morning.

Adverse foreign exchange movements when translating euro and Polish zloty overseas profits into sterling knocked £39m off profit, while record wet weather in Britain cost it £25m as fewer customers visited its stores.

“Looking ahead, although we expect market conditions to remain challenging, we will continue to actively manage the business, optimising the generation and use of cash and driving longer term success through our own actions,” said group chief executive Ian Cheshire.