B&Q owner Kingfisher has said first-quarter profits fell by nearly 30 per cent after sales were affected by weak demand and the cold snap.
Trade profits at Kingfisher, which also owns Screwfix in the UK and Castorama in France, fell to £114m for the 13 weeks to 4 May.
Like-for-like sales, which exclude new store openings, fell by 4.2 per cent.
B&Q saw like-for-like sales drop 5.6 per cent, with sales of outdoor goods down 10 per cent as the cold weather hit.
Kingfisher is Europe’s leading DIY retailer. In addition to the impact of the cold weather, the group has also been hit by weak consumer confidence in its main markets.
The company said that sales of building products were also hit by the bad weather. Bathroom sales were also down, however kitchen sales put in a “solid performance”.
Market conditions have remained challenging in the first quarter, combined with the effects of an early Easter and unexpected cold weather across Europe,” said Kingfisher chief executive Ian Cheshire.
“As a result, general footfall was down and demand for outdoor maintenance, gardening and leisure products was adversely affected for a second year running.”
Mr Cheshire said most of the fall in revenue had come in March, when the impact of the weather was “particularly acute”.
However, he said trading increased towards the end of the quarter as the weather improved.
Shares in Kingfisher fell by about 2 per cent initially, but then recovered. By the close of trading, its shares were 6.7 per cent higher at 349.70p, making it the top gainer on the FTSE 100.
Richard Hunter, head of equities at Hargreaves Lansdown, said: “Not only was profit significantly lower than the corresponding period last year, even that figure was far shy of market expectations.
“The importance of the summer season now becomes more marked for the company, and any continued downturn in the weather will put extra pressure on the shares.”
