B&Q owner Kingfisher has slashed its full year profit guidance to £590m down from £634m as the home improvements retailer continues to face harsh trading conditions, particularly in overseas markets.
Operating profits for the group slipped 30.9% to £367m and gross profit dipped 1% to £2.49bn.
Although the business, which also owns Screwfix, said that in its UK and Ireland trade proved resilient, with like-for-like sales up 1.7%.
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But, its Polish and French arm saw sales on a like-for-like basis plunged 10.9% and 3.8% respectively due to stronger comparatives and weaker consumer confidence in the regions.
Chief executive Thierry Garnier said:“Our like-for-like sales in H1 were slightly ahead of expectations, against a backdrop of unseasonal weather and ongoing macroeconomic challenges in our markets.
“We saw good growth in our UK banners, with Screwfix gaining significant market share.”
He added: “At the same time, we faced strong comparatives and a weaker trading environment in Poland, while consumer confidence in France is at a 10-year low.
“Overall, demand for our core and ‘big-ticket’ categories was healthy, and we were pleased to see an improving volume trend in these categories through the half.”
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