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Sales surge as DIY giant capitalises on Homebase store closures

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Sales surge as DIY giant capitalises on Homebase store closures


Home improvement giant Kingfisher has significantly boosted its financial outlook, driven by robust trading across its UK brands, B&Q and Screwfix.

The retail group highlighted particularly strong sales at B&Q over the past six months, attributing this success to the market impact of Homebase store closures following its rival’s administration, alongside favourable weather conditions.

This strong performance has propelled the company to anticipate profits reaching the “upper end” of its current targets.

Kingfisher informed shareholders on Tuesday that pre-tax profits for the half-year ending July 31 climbed by 4.1 per cent to £338 million compared to the previous year.

The London-listed firm now expects to achieve an adjusted profit at the higher end of its £480 million to £540 million guidance for the current financial year.

Furthermore, the company has revised its cash flow projections upwards, now forecasting between £480 million and £520 million, an increase from its earlier guidance of £420 million to £480 million.

Kingfisher also runs the Screwfix brand (Rui Vieira/PA)

The improved targets came on the back of stronger sales across the group’s brands, particularly in the UK.

Total group sales grew by 0.8 per cent to £6.81 billion for the six months, with like-for-like sales rising by 1.9 per cent.

Like-for-like sales were up 3.9 per cent in the UK, driven by growth of 4.4 per cent in B&Q and 3 per cent in Screwfix across the half-year.

There was increased demand for paint, with sales of coloured emulsion up 10 per cent at B&Q, alongside a further recovery in demand for big-ticket items.

This was driven by “demand for new kitchen ranges” and bathroom and storage products.

It represents a continued recovery in demand for larger products after it had cooled in the face of the surging cost of living.

Kingfisher also told investors that its UK stores were boosted by “transference from the closure of Homebase stores”.

The retail group said B&Q sales were ‘strong’ over the past six months after they benefited from the closure of Homebase stores – following its rival’s administration – and ‘favourable weather’ conditions

The retail group said B&Q sales were ‘strong’ over the past six months after they benefited from the closure of Homebase stores – following its rival’s administration – and ‘favourable weather’ conditions (PA Wire)

Major B&Q rival Homebase shut more than 50 stores by March of this year after tumbling into administration late in 2024.

Thierry Garnier, chief executive officer of Kingfisher, said the company saw a “good transfer” of former Homebase customers to its B&Q stores and cheered the opening of eight former Homebase shops as new B&Q sites.

He said the stores, which included five in the UK and three in Ireland, have performed strongly after a quick turnaround to reopen during the peak trading season.

The company said it has also worked to offset significant cost pressures this year, with around £145 million of headwinds linked to higher National Insurance contributions, wage inflation, new UK packaging taxes and increased social taxes in France.

In the UK, earlier this month B&Q confirmed plans to cut around 650 jobs in a management shake-up amid efforts to streamline its operations but bosses stressed this was not linked to increases in National Insurance.

Major B&Q rival Homebase shut more than 50 stores by March of this year after tumbling into administration late in 2024

Major B&Q rival Homebase shut more than 50 stores by March of this year after tumbling into administration late in 2024 (PA Archive)

Mr Garnier added: “We delivered a strong first half with high quality underlying like-for-like sales growth of 1.9 per cent, driven by increased volumes and transactions.

“We were encouraged by underlying quarter-on-quarter growth in our core categories, and a third consecutive quarter of growth in big ticket sales.

“Our expectations for our markets for the year remain consistent with what we outlined in March, whilst mindful of mixed consumer sentiment and political uncertainty.

“Combined with our first-half performance, this gives us the confidence to upgrade our full-year profit and free cash flow guidance and to accelerate our share buyback programme.”



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Business news live: Guinness maker appoints new CEO and the job AI threatens most

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Business news live: Guinness maker appoints new CEO and the job AI threatens most



The job type which is most threatened by AI for 2026

Here’s one nobody wants, but maybe need to know: Research has suggested the job types or roles that are set to be most affected by AI next year.

The Chartered Institute of Personnel and Development (CIPD) conducted research which shows one in six employers believing AI will mean a reduction workforce headcount in 2026 (fewer jobs, in other words).

And among those, a massive 62 per cent – nearly two-thirds – believe the jobs most at risk are those in clerical or administration roles.

Managers or senior staff (28per cent) are next in line, with sales or service staff (27 per cent) not far behind.

“Junior roles stand to be most affected by AI, but we need a national drive to retrain and upskill people of all ages and career stages,” said James Cockett, a senior economist at the CIPD.

Karl Matchett10 November 2025 09:00

Diageo shares surge 7% on CEO news

Investors look to have reacted positively to that appointment by Diageo – shares are up 7 per cent this morning.

That makes the firm the highest riser on the FTSE 100.

“The announcement is clearly being seen as a potential inflection point for the group given the new hire’s proven ability in brand building,” pointed out interactive investor’s Richard Hunter.

Karl Matchett10 November 2025 08:50

Co-op to open or refurbish dozens of stores

The Co-op has said it is pushing forward with a number of new stores and major refurbishments as it bounces back from a damaging cyber attack.

The retailer said 50 stores will be opened or re-opened by Christmas as it urged the Government to reform business rates ahead of the autumn Budget.

It said reforms will be “vital” to encourage further high street investment as it continues with its own expansion ambitions.

The latest slew of openings will take the Co-op’s store openings and refurbishments to more than 200 sites for the latest financial year.

Karl Matchett10 November 2025 08:40

FTSE 100 rises as investors return to stock markets

Looking like the end of the US shutdown is boosting stock markets across the board.

The FTSE 100 has opened more than 0.6 per cent up, with the FTSE 250 up a similar amount in (very) early trading.

France and Germany also see the major index in each up by more than 1 per cent.

Investors are returning in their droves this morning it appears – we’ll see how long it lasts.

Karl Matchett10 November 2025 08:25

Diageo’s new CEO: Former Tesco chief to start in January

We start with the news one of the big hitters from the FTSE 100 has finally named a new chief executive.

Diageo, the maker of Guinness, Johnnie Walker whisky and Ciroc vodka, has seen its share price drop almost a third, 32 per cent, year to date and last week issued a profit warning.

Sir Dave Lewis is the new CEO, a former leader of Tesco for six years who also spent decades at Unilever. He has been chair at Haleon, but will step down from that role to start at Diageo on 1 January 2026.

Previous chief executive Debra Crew stepped down in July and the drinks maker has been criticised by some investors for being slow in finding a replacement.

“Lewis brings deep experience in consumer brands from his time leading Tesco and decades at Unilever, though he lacks direct exposure to the spirits industry. Investors may welcome his strong marketing pedigree, but any major strategic reset will take time, leaving near-term focus on navigating tough trading conditions,” said Matt Britzman, a senior equity analyst at Hargreaves Lansdown.

Karl Matchett10 November 2025 08:16

Business and Money – live: 10 November

Morning all – another week starts, another bunch of people fearing that the Budget is going to leave them worse off.

We’ll bring you the latest money matters around what the chancellor might or might not do, how you can continue to look after your own household finances and where the best places are for your savings to be right now.

As ever, we’ll also have the top business news, stock market movements and more.

Karl Matchett10 November 2025 08:01



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FM Sitharaman Holds First Pre-Union Budget Consultations With Leading Economists

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FM Sitharaman Holds First Pre-Union Budget Consultations With Leading Economists


New Delhi: Finance Minister Nirmala Sitharaman on Monday held first pre-budget consultations with leading economists ahead of the upcoming Union Budget 2026-27. 

The meeting was attended by Chief Economic Adviser (CEA) V. Anantha Nageswaran, besides other economists and senior officers from the Department of Economic Affairs (DEA).

“Union Minister for Finance and Corporate Affairs @nsitharaman chairs the first Pre-Budget Consultation with leading economists in connection with the upcoming Union Budget 2026-27, in New Delhi, today,” said an X post from Ministry of Finance.

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“The meeting was also attended by Secretary, Department of Economic Affairs (DEA) @FinMinIndia; and Chief Economic Adviser, Government of India, besides senior officers from the DEA,” the ministry added.

As part of the ongoing pre-budget consultations, the government has been holding a series of meetings with industry representatives to gather inputs for the upcoming Union Budget.

The discussions are centred on enhancing the ease of doing business and extending tax benefits to the last mile.

Late last month, senior officials from the PHD Chamber of Commerce and Industry (PHDCCI) on Wednesday met Revenue Secretary Arvind Srivastava to present the industry’s recommendations on direct and indirect tax policies.

PHDCCI CEO and Secretary General, Dr Ranjit Mehta, said the discussions focused on both taxation and business facilitation. “We also discussed ease of doing business, which is the government’s focus,” he noted, adding that the Chamber had shared specific suggestions to ease liquidity challenges faced by micro, small, and medium enterprises (MSMEs).

Meanwhile, the Confederation of Indian Industry (CII) has called for comprehensive tax reforms in the Union Budget 2026-27, including expedition of dispute resolution, simplification of TDS regime and digitised customs systems.

The apex industry body emphasised the need to move towards a “compliance system rooted in trust, simplicity, and technology,” and accountable for administrative delays.

CII Director-General Chandrajit Banerjee said that India’s tax system needs to shift from being dispute-driven to dispute-preventive. “The tax system must ensure that taxation not only raises revenue efficiently but also acts as a catalyst for investment, innovation and competitiveness. The Budget can be a pivot for a truly modern, transparent and globally benchmarked tax regime,” Banerjee said.

The government is expected to continue engaging with various industry bodies in the coming weeks before finalising its proposals for the Union Budget.



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Parents say Jersey is ‘not as family-friendly as it should be’

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Parents say Jersey is ‘not as family-friendly as it should be’


BBC Katherine Jauncey is looking at the camera. She is stood in her kitchen, in front of wooden cabinets. She is wearing a white shirt and red, white and navy knitted vest.BBC

Mother Katherine Jauncey said the island needs a “cultural shift” in order to prioritise the needs of families

With its beautiful beaches, low crime rate and small community, Jersey is often considered an attractive place to raise children.

But parents have told the BBC that high costs and a lack of effective support from politicians and employers mean the island does not cater to families as well as it could.

Mother to a one and three-year-old, Katherine Jauncey said she believed there needed to be a “cultural shift” away from prioritising the social wellbeing of older islanders to focus on parents and children.

The island’s government said it understood families struggled with the high cost of living and it had set up several initiatives “aimed at improving family life in Jersey”.

Mrs Jauncey moved to Jersey with her husband who was born and raised there.

She said some aspects of bringing up her children on the island were “really great”, such as how safe it was and the system of state-supported private schools.

However, she added: “Families and individuals with children are really not prioritised in Jersey culture”.

“There’s a work culture that is unfairly weighted on the side of the employer… and the fact that our culture as an island is very much directed towards the elderly who have a large amount of the voting power.”

She said the island was “focused on the people who are shouting the loudest”, adding that often older people were the ones with the time and energy to do so.

‘Lack of childcare’

Mrs Jauncey said, despite a push to get women in particular back into the workforce, there was a “lack of support for parents with children under five” made worse by a “lack of affordable childcare”.

A report prepared for the government in 2024 found average childcare fees in Jersey were almost 50% higher than in England, while a survey of parents found 95% of those asked thought childcare was too expensive.

The government has announced plans to introduce an additional 15 free hours of nursery care per week for two-year-olds, but there has been concern from parents and nursery staff that it will not be enough.

Denise Heavey is sat in her kitchen, looking at the camera. She is wearing a black and white shirt.

Denise Heavey has set up a community network of parents to offer education and support

Family campaigner and mother-of-three Denise Heavey said her own experience of paying nursery fees was “financially crippling”.

“Some months we were paying £2,200 and that was my salary swallowed up,” she said.

She kept working while her children were young but said a lot of parents were “forced out of the workplace because of the high cost of nursery care”.

To remedy this, she said the government needed to think about greater financial support for parents, particularly when returning to work after parental leave.

She added that businesses should also work harder to implement family-friendly policies, such as flexible working arrangements.

Mrs Jauncey has also called for greater statutory rights for working parents, including specific days outside annual leave to look after sick children.

Errol Mittoo is standing in front of a play area. He is smiling at the camera and is wearing a checked jacket with a fur collar.

Father Errol Mittoo said Jersey has a lot to offer young people but the cost of bringing up a family was “quite high”

It is not just the cost of childcare that is a cause for concern.

Single mother Karla Divin said the cost of living as a whole was the “most dominant concern” for parents.

In Jersey, prices are continuing to rise with the latest figures showing inflation at 2.8%.

Ms Divin said: “Childcare fees, rent, household bills, food and general expenses often consume an entire monthly wage, leaving little to no disposable income.”

She said this often meant families had to sacrifice experiences that could support a child’s development, such as school trips or extracurricular activities.

“Parents are often forced to prioritise essentials over opportunity,” she said.

Errol Mittoo, a father of four, told the BBC the island had a lot to offer young people but the “cost of bringing up a family was quite high”.

“You do struggle a bit when you’ve got children.”

What is the government doing to help?

In a statement, the government told the BBC it has introduced several measures to make lives better for families in Jersey. These included:

Alongside increased support for the nursery sector, ministers also said they had plans to publish a new play strategy to make sure children could play in all residential areas.

‘Look at solutions’

Outside government, a number of charities and individuals have stepped in to provide support.

Mrs Heavey, for example, has recently launched MentorHood, a community network offering support groups, workshops and meet ups to parents and caregivers in Jersey.

She has set up the group with another mother, Alice Vincenti, to build parents’ confidence and help them be “better performers at work and and be more present parents at home”.

However, she said it was “incredibly frustrating as a parent” that they were having to provide information and help to their peers when the government could make it readily available.

Mrs Heavey said she would like to see politicians making bold choices about childcare and support for parents, considering solutions on a much longer timeline than one political term.

She said this was a necessity given Jersey’s ageing population.

She said: “We can’t just keep saying with every new government that goes in that we’re going to basically start a project and it’s going to stop and then we start again.

“We have such a wonderful island and I think that we can be very, very family-focused, and we can look at solutions to encourage more people to bring their families here too, you know; have more children and to want to stay on the island.”



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