Kingfisher H1 Profit Drops

Kingfisher plc (ADR) KGFHY reported a drop in its pretax profit for the first half ended August 1 and lifted its interim dividend by 1 percent. Kingfisher's pretax profit slipped to 386 million pounds ($595.67 million) in the period, compared to GBP393 million in the year-ago period. EPS rose to 13.6 pence from 12.2 pence. Its revenue declined to GBP5.49 billion from GBP5.77 billion, while operating profit, before exceptional items, fell to GBP410 million from GBP419 million. Kingfisher UK & Ireland sales gained 4.6 percent to 2.527 billion pounds, while France sales shrank 10.4 percent to 1.976 billion pounds. B&Q total sales increased 0.2 percent to 2.033 billion pounds, while Screwfix sales gained 27.9 percent to 494 million pounds. Kingfisher lifted its interim dividend to 3.18 pence per share, versus 3.15 pence, a year earlier. Chief Financial Officer Karen Witts said, "In the short term, whilst we remain encouraged by the macroeconomic backdrop in the U.K., we remain cautious on the outlook for France." Kingfisher shares fell 1.15 percent to close at $11.18 yesterday.