THE PARENT company of Hampshire-based DIY giant B&Q caused further retail gloom by warning of a 15 per cent fall in profits.
Kingfisher, which owns B&Q as well as the Castorama and Brico Depot chains in France, said shoppers had reined in spending over one of its busiest months. It reported first quarter retail profits of £145m last year.
Sales at B&Q, which employs about 1,600 staff at its split site Chandler's Ford headquarters, are expected to be lower over the quarter, although Kingfisher did not provide figures.
It said in a trading statement: "The trading environment continues to be very tough for UK retailers, with consumer spending increasingly impacted by higher taxes, debt costs and inflation.
"Poor spring weather and an early Easter presented additional challenges for Kingfisher's UK and French consumer businesses."
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