Retail giants enjoy sharp rise in profits

TWO retail giants today announced a major increase in profits.

B&Q parent company Kingfisher revealed a near 50 per cent jump in annual profits today amid a strong performance for its UK DIY business.

The firm's adjusted pre-tax profits leapt to 547 million in the year to January, compared with 368m the year before.

Profits at the UK and Ireland arm soared 64.5 per cent, benefiting from total sales growth in the year as the home improvement market remained resilient despite the recession.

Clothing retailer Next reported an 18 per cent hike in their profits after seeing a turnaround in sales following four years of declines.

The group posted pre-tax profits of 505m in the 12 months to January, up on the 428.8m seen a year earlier.

However, Next chief executive Simon Wolfson joined fellow retailers in expressing concern over 2010.