RETAIL giant Kingfisher - which takes in Woolworths, B&Q, Comet and Superdrug - shrugged off the gloom that has gripped parts of the high street.

In a sector dogged by a string of profit warnings and fears of a downturn in consumer confidence, it reported a sharp rise in sales and profits. The annual results were fuelled by higher sales at each of its main businesses which increased their grip on their respective markets. Pre-tax profits in the year to January 31 were £520.5 million, compared with £388.7 million a year earlier, a 33 per cent increase on turnover up from £5.7 billion to £6.3 billion. Woolworths profits rose 25 per cent to a record £105 million in the third consecutive year of profit increases. There were strong Christmas sales at the 783 stores, helped by the Woolies Winter Wonderland advertising campaign and the popularity of Teletubbies and Spice Girls toys. DIY chain B&Q saw sales growth outstrip the industry, up by nearly 20 per cent against an industry average of just 8 per cent.

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