B&Q owner to nail down extent of profit woes

0 Kingfisher’s financial performance is likely to have been hurt by a slowing property market Profits at B&Q owner Kingfisher are expected to tumble when the DIY firm reports half-year results this week, after it was hit by a wetter-than-usual summer and a slowing property market.

Analysts at brokerage Jefferies forecast that pre-tax profit for the first six months of the year will fall 18 per cent to £351 million, with a hefty chunk of the decline coming from transformation costs.

Chief executive Veronique Laury is overseeing a turna- round at the firm, which has closed underperforming stores and rejigged its product offering.

A second-quarter trading update last month warned that the programme had caused “business disruption” and came alongside lacklustre figures.

Total sales at B&Q fell 7.7 per cent to £967m as a slowing housing market in the UK after the Brexit vote means a potential slowdown for DIY retailers. Like-for-like sales at B&Q dropped 4.7 per cent.