B&Q owner holds firm – but others might struggle if a ‘softening’ retail market turns soggy

Kingfisher, the owner of B&Q, is proof that a well-managed operator in a strong position can prosper under subdued conditions. Photograph: Phil Noble/Reuters

Just what an embattled chancellor needs on the eve of a tax-raising budget: a leading retailer upping its profits forecast and singing about the joys of the UK economy.

Unfortunately, only the first bit is true. Kingfisher, owner of B&Q and Screwfix (and similar businesses in France and Poland), raised its profit expectations for its current financial year from £480m-£540m to £540m-£570m.