B&Q owner Kingfisher today posted a 4% rise in annual profits amid signs that it is benefiting from the upturn in the UK housing market.

The Irish division of home improvement/DIY retailer B&Q — which is in examinership — incurred losses of £7m (€8.25m) last year, according to figures from its parent company.

Home improvement chain B&Q posted a 6.4% drop in sales today after poor weather and more consumer caution led to a “tough” winter quarter.

B&Q owner Kingfisher today said the wettest summer in 100 years cost the group £30m (€37.5m) in profit as demand for gardening and outdoor maintenance plunged.

The retail sector was firmly in the spotlight on the London market today after a raft of weather-hit updates from leading high street chains.

Further signs of recovery in the US failed to distract investors from gloomy manufacturing figures in China and the eurozone today as London’s leading shares index closed in the red.

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

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

B&Q owner Kingfisher today forecast a 20% rise in annual profits after strong international growth offset continued tough trading in the UK.

KINGFISHER Plc, Europe’s largest home-improvement retailer, reported a smaller drop in sales at its B&Q shops than analysts had anticipated and said it expects revenue to improve in the year’s final quarter.

B&Q owner Kingfisher said quarterly sales at the UK’s biggest DIY chain remained under pressure after shoppers put off “big-ticket” purchases.

The UK's political row over National Insurance (NI) rises intensified today as British business leaders dismissed “patronising” claims that they had been fooled into backing the opposition Conservative Party's plans.

B&Q owner Kingfisher today said consumers' renewed interest in home improvement had helped it defy the recession as it reported a rise in sales.

Retail group Kingfisher today said sales at its B&Q business were down nearly 9% amid the slump in consumer spending.

B&Q owner Kingfisher today said like-for-like sales in the UK slumped by nearly 8% after a “very tough” first quarter.

B&Q owner Kingfisher is expected to slash its dividend on the back of a major business review, it was reported today.