Kingfisher said that it expects full year pre-tax profits to be slightly ahead of analysts' expectations, despite the cold snap hitting sales in its fourth quarter.
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Heavy snowfall across Europe meant like-for-like sales fell 3 per cent, but lower promotional activity and a higher margin sales mix meant profits climbed sharply. Its troublesome Chinese business is also back on track, with total sales up 3.3 per cent to £127m despite the closure of 20 stores over the year. The DIY giant said that the recovering housing market had driven demand for home improvement in most of its markets, although its trade businesses in the UK and France continued to struggle.
When: 11 Jun 2009
Price: 196p
