Kingfisher raises annual profit forecast despite B&Q sales decline in UK and Ireland

Kingfisher, the owner of B&Q, raised its annual profit forecast despite a slowdown in half-year sales at the DIY chain in the UK and Ireland. B&Q's like-for-like sales fell 1.8% in the second quarter, with big-ticket items down 8.1%, but this was an improvement from the 4.1% drop in the first quarter. Screwfix sales surged 7.1%, helping overall UK and Irish same-store sales rise 1.6% in the quarter. Underlying pre-tax profits rose 9.9% to £404 million for the six months to July 31, boosted by a one-off £14 million business rates refund. The company increased its full-year profit guidance to between £595 million and £635 million.