Profit blow: B&Q owner sees earnings dented by fall in high street spend

B&Q owner Kingfisher has seen half-year profits tumble after being hit by woes in its French arm and amid consumer belt-tightening in the UK. The group posted a 30 per cent fall in statutory pretax profit to £281 million for the six months to 31 July, with profits down 14.8 per cent on an underlying basis at £375m. It said the profits slump came after earnings dropped by nearly a third in its French arm, while its bottom line was also knocked by costs of its ongoing revamp, range overhauls and higher labour costs.