Kingfisher to step up expansion plans

B&Q owner Kingfisher says that it planned to step up its expansion after delivering higher profits in the teeth of the economic downturn.

The group has 856 stores, including nine in Ireland, but believes there is potential for more than 1,100 outlets over the long term, including more stores in Russia and China.

Chief executive Ian Cheshire said he was encouraged by a 22.5% rise in pre-tax profits to £670 million (€766m) in the year to January 29, despite sales remaining at £10.5 billion and a 3% drop in like-for-like sales in Britain and Ireland.