Profits sizzle at B&Q as barbecue sales rocket

WARM barbecue weather boosted sales at DIY chain B&Q in the first quarter, helping parent group Kingfisher report a 40 per cent jump in profits yesterday.

The retailer said that profits in the 13 weeks to May 2 were £128m, smashing analyst expectations, which were around £34m lower.

Chief executive Ian Cheshire said the group had seen a 30 per cent lift in consumer demand for seasonal products, with charcoal barbecue sales up by 148 per cent over the quarter.

Like-for-like sales at UK chain B&Q rose 3.2 per cent, the first increase in two years, doubling profits at B&Q to £58m.

But Cheshire said that another weather-related sales bounce in 2009 was unlikely.

He added: “This is a good start to the year, but it’s just one quarter. If we get future help from the weather that will be fantastic, but we’re being prudent.”

He also said unemployment was still a concern for retailers. But analysts were more optimistic, with many issuing upgrades of seven to eight per cent on the stock.

Kingfisher’s results were again dragged down by its Chinese arm, where losses widened by 25.7 per cent to £14m.