Falling DIY sales hit B&Q firm's profits

B&Q owner Kingfisher today said soaring utility costs, household debt and fears over the housing market had all contributed to a sharp decline in profits.

Strong performances in continental Europe and Asia were more than offset by weakening home sales in the DIY sector in the UK as annual underlying profits fell from £661.4m (€954.9m) to £445.7m (€643.5m), the firm said.