B&Q Profits Take Hit
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B&Q have released their results for 2012 – and it does not make pretty reading for their owners, Kingfisher.
Profits took a £25million hit, as a rain soaked 2012 affected the home improvement and gardening industry. The DIY firm posted an 11.4% fall in profits whilst like for like sales were down 5.4%.
B&Q said that sales of gardening equipment and especially greenhouses had fallen by a substantial 25% by Britain’s wet summer, the second wettest on record.
Chief Executive Ian Cheshire explained that the home improvement market it very sensitive to fluctuations in climactic conditions. The wintery weather that has been experienced in March and over the Easter period is set to continue the downward trend in consumer spending.
“You have four big bank holidays a year, which are the equivalent of Christmas trading for us. You might expect to lose one because of the weather but we lost all four, and that was across Europe.”
B&Q also took a £39m hit because of the weak performance of the sterling.
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