Kingfisher announces 70% profits slump

B&Q owner Kingfisher said the home improvement market remained stuck in the doldrums today, after announcing its UK profits slumped by 70%.

The group said unusually cold weather in March compounded tough trading conditions as like-for-like sales fell 6.8% in the 13 weeks to April 29 and retail profits dived to £21.9m (€32.1m) from £73.7m (€108m) a year earlier.