Kingfisher, owner of B&Q, reported a 0.5% decline in underlying pre-tax profits due to a drop in big-ticket item sales, despite improved housing market signs.
B&Q's big-ticket item sales fell 11.6% in the UK and Ireland as customer spending shifted, although recent improvements in seasonal items were noted.
Despite challenging conditions, Kingfisher's shares rose 7% as half-year results exceeded expectations, with hopes pinned on a recovering housing market.
The report indicates that although sales in France fell by 7.2%, the company is seeing increased demand for seasonal products since July.
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