Profits dive at Kingfisher

B&Q owner Kingfisher has seen third-quarter sales fall nine per cent amid slowing demand for home improvements.

The company said sales of seasonal products in its UK stores were also hit by poor weather in August.

Market conditions deteriorated in western Europe and China, while eastern Europe delivered strong sales and profits.

Kingfisher's chief executive Ian Cheshire said: "Consumer confidence has clearly been shaken."

He added that the group was entering a period of slowdown with a "robust balance sheet" and "retail brands with a strong value".

B&Q was said to be performing "relatively well" in the UK market, with sales of DIY products dropping just three per cent despite the troubled property market.