UK's Kingfisher sees first-quarter profit tumble

LONDON Thu May 30, 2013 2:15am EDT

LONDON May 30 (Reuters) - Kingfisher, Europe's largest DIY retailer, posted a near-30 percent drop in first quarter profit as weak demand and poor weather continued to hit trade in its key markets.

The group, which runs B&Q and Screwfix in the UK and Castorama and Brico Depot in France and elsewhere, on Thursday said retail profit was 114 million pounds ($172 million) in the 13 weeks to May 4, down 29.2 percent on a year ago and well below a company compiled consensus forecast of 137 million pounds.

It said revenue fell 2.1 percent to 2.6 billion pounds, with sales at stores open over a year down 4.2 percent, deteriorating from a 3.4 percent fall in the final quarter of last year.

Like-for-like sales fell 5.6 percent in France and were down 4.7 percent in Britain and Ireland.