KINGFISHER’S B&Q arm is determined to be much more than a Do-It-Yourself power tool and paints chain.
The retailer is trying to steal a march on furniture retailer MFI with its new kitchen and bedrooms range and it is snapping at the heels of Dixons and Comet with electrical appliances.
‘B&Q has taken share quite significantly in the last quarter,’ said Kingfisher chief executive Gerry Murphy, who wants to ‘redefine the home improvement market’.
Total B&Q sales rose 8.9% in the last quarter – more than double the average growth in the sector. Stripping out new space, sales were up 2.9%. Murphy sees ‘plenty more to go for’.
Kingfisher (up 10 3/4p to 308p) said profits for the year to January will be at the ‘upper end’ of market forecasts.
Group sales are up 14.8%, driven by strong overseas growth. The shares trade on a hefty 17 times earnings for the year just ended. Analysts reckon the rating is justified.
From This Is London