Kingfisher weathers storm as sales increase overseas

first_img whatsapp DIY RETAIL group Kingfisher said yesterday that sales in eastern Europe and France helped to bolster its business accounting for some 80 per cent of profits in the third quarter.The group said in a trading statement, total sales were broadly flat but that good international growth offset a fall in the UK where sales were down 4.2 per cent in the quarter and where it said it was facing the toughest trading conditions in around three and half years. But this was offset by sales in France, which saw 1.8 per cent growth, Poland and a recovery in sales in China. Kingfisher said the 8.2 per cent rise in retail profit to £240m was also driven by continued cost cutting measures across the group. The company’s net cash balance saw a significant improvement at £203m, up from £19m at the end of the previous quarter. Ian Cheshire, group chief executive, said the UK?DIY market was likely to shrink by two to three per cent next year as consumers worry about higher taxes and public spending cuts. But he added: “We are well prepared to trade effectively in these challenging times and we continue to lay solid foundations for sales and profit growth in the future.” Show Comments ▼ KCS-content whatsapp Kingfisher weathers storm as sales increase overseas Share More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Thursday 2 December 2010 7:10 pm Tags: NULLlast_img