March 22, 2017 / 7:17 AM / 8 months ago

Kingfisher beats forecasts for year profit, cautious on France

LONDON, March 22 (Reuters) - Home improvement retailer Kingfisher beat forecasts with an 8.3 percent rise in annual profit, with a resilient sales performance in Britain outweighing a softer French market which it remains cautious about.

The firm, which trades as B&Q and Screwfix in Britain and Castorama and Brico Depot in France and other markets, said on Wednesday it made an adjusted pretax profit of 743 million pounds ($928 million) in the year to Jan. 31 2017.

That compares to analysts’ average forecast of 714 million pounds and 686 million pounds made in 2015-16.

Total adjusted sales rose 8.7 percent to 11.2 billion pounds.

“Looking forward, the EU referendum has created uncertainty for the UK economic outlook and we remain cautious on the outlook for France, especially in light of the forthcoming presidential elections,” said Chief Executive Véronique Laury.

The firm did, however, reaffirm its five year financial targets. ($1 = 0.8006 pounds) (Reporting by James Davey; editing by Kate Holton)

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