Highlights in constant currencies:
· Group total sales up 3.5% with growth in each of the three main operating divisions
· Group retail profit up 13.1% driven by higher sales and continued margin initiatives, including benefits from more direct sourcing and the start of common ranging
· 27 of the 29 recently acquired ex-Focus DIY stores are now open and trading well
· Net cash of £14 million (30 July 2011: net debt of £186 million) reflecting a continued focus on cash generation, working capital phasing and some capital expenditure projects now likely to fall into Q4 or early in the next financial year
Ian Cheshire, Group Chief Executive, said:
"Our well-established programme of self-help initiatives ('Delivering Value') has continued to drive our growth despite these difficult times for European consumers. I am pleased that our teams' hard work has resulted in healthy sales growth and a 13% profit growth in our third quarter, one of our most significant trading periods of the year, particularly in France.
"Looking ahead, the short-term outlook in our major markets remains challenging but Kingfisher is in good shape, and we are more able to drive market share gains, profit growth and higher cash returns. I'm enthusiastic about our longer-term prospects and the team here is excited about formally launching the second phase of self-help initiatives next year ('Creating the Leader') to drive more growth and shareholder value over the coming years."
