London pre-open: Retailers grab the spotlight

16th Sep 2010 07:36

London looks set for a subdued start with City traders expecting the FTSE 100 index to open around 8 points down from last night's close.Results from retailers are likely to dominate early proceedings, and generally the performance from the companies reporting has been good.Interim profits from DIY retailer Kingfisher were at the top end of the range of expectations as the group achieved strong growth in each of its three main operating divisions. Adjusted pre-tax profit for the 26 weeks ended 31 July 2010 rose 22.9% to £354m from £288m the year before, and was above the median forecast of £342m.The May to July period was good for consumer electricals retailer Kesa as the company cashed in on the World Cup. Revenue grew 4.3% on a like for like basis from a year earlier, above market expectations, with the company doing a roaring trade in 3D TVs. "After a positive first quarter we still anticipate that our markets will remain challenging for the remainder of this financial year, but we will maintain our momentum in delivering the benefits of the Darty concept in all our markets," the company said.Continuing the retail theme, homewares seller Dunelm saw like for like sales grow 8.0% in the 52 weeks to 3 July 2010. Profit before tax improved to £76.8m from £53.5m the year before, which covered a 53 week period.