B&Q owner hit by weak DIY sales

B&Q-owner Kingfisher has seen third-quarter sales fall 9% 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 said.

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

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

He noted that Kingfisher's B&Q division performed "relatively well" in the UK market, with sales of do-it-yourself products dropping just 3% despite a stagnant property market.

Sales in China fell by 28.7%, while Poland remained Kingfisher's strongest market, growing 18.9%.

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