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Kingfisher profits fall on tough markets, currency
November 29, 2012 / 7:21 AM / 5 years ago

Kingfisher profits fall on tough markets, currency

LONDON, Nov 29 (Reuters) - Kingfisher, Europe’s No. 1 home improvements retailer, posted a 6 percent fall in third-quarter profit, hit by a fall in sales in its main markets in France and the UK as well as unfavourable foreign exchange movements.

The group, which runs B&Q and Screwfix in the UK as well as Castorama and Brico Depot in France and elsewhere said on Thursday it made a retail profit of 257 million pounds ($411 million) in the 13 weeks to Oct. 27.

That compared to an analysts’ average forecast of 255 million pounds, according to a company poll, and 273 million pounds made in the same period last year.

Total sales fell 3.9 percent to 2.71 billion pounds, with sales at stores open over a year down 2.8 percent on a constant currency basis.

Like-for-like sales fell 2.8 percent in France and were down 3.8 percent in the UK and Ireland.

Retail profit was adversely impacted by 16 million pounds due to translating euro and Polish zloty overseas profits into sterling.

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