Kingfisher PLC, Europe's biggest home improvement retailer, surprised forecasters by posting better-than-expected results for the third quarter, helped by strong sales at B&Q.
London-based Kingfisher said group profits soared 28 per cent as it pocketed £227 million during thirteen weeks to October 31 as compared with £176 million in the similar period last year.
The retailer said like-for-like sails at B&Q jumped 5.7 per cent in three months to October 31, helped by strong sales of big ticket items and improved DIY performance.
In addition, B&Q performed well in Spain and Poland. However, its like-for-like sales slipped 2.4 per cent in France.
Net borrowings plunged from £1 billion at the end of January to £200 million at the end of recent quarter.
Describing company's results, Ramona Tipnis from Oriel Securities said, "It's a very good set of results and debt is down very strongly.
" Shares in Kingfisher were trading at 240.7p, up 4.7p, at 8:53 a. m. in London trading.