Poor weather and weak demand hit Kingfisher profits

 
Suzie Neuwirth

DIY RETAILER Kingfisher today posted a 29.2 per cent drop in first quarter profits, hit by the cold weather and weak consumer confidence in key markets.

The FTSE 100 firm revealed that profits had gone down to £114m for the 13 weeks ended 4 May 2013.

Total sales were down 2.1 per cent to £2.6bn during the period.

“Market conditions have remained challenging in the first quarter compounded by the effects of an early Easter and unseasonably cold weather across Europe,” said chief executive Ian Cheshire.

“Looking ahead, we still have our key summer season to come and we are ready to capitalise on any improvement in conditions during this peak trading period.

“We will continue to focus hard on our margin and cost initiatives helping us to reinforce our value credentials with customers during these challenging times.”