Kingfisher, which runs DIY chain B&Q, met forecasts with a 1.6% fall in first-half profit as a better second quarter was not enough to offset the impact of bad weather in the first.
The firm, which runs a number of chains in Britain and France, has said that consumer confidence remained weak in its main markets, so it would continue to focus on initiatives to drive growth, margins and savings.
Kingfisher, which trades from around 1,070 stores in nine countries in Europe and Asia, has suffered along with other retailers during the economic downturn as cash-strapped consumers held off buying "big ticket" items like kitchens and bathrooms and put off repairs to their homes.
The group, the world's number three home improvements retailer behind US groups Lowe's and Home Depot, has offset weak demand in many of its markets with a drive to improve profitability by buying more goods centrally, and directly, from cheaper manufacturing centres like China.
"Looking ahead, we remain ready to capitalise on any improvement in conditions or opportunities as they arise, including the potential pick up in the UK housing market," Chief Executive Ian Cheshire said.
Kingfisher made an underlying pretax profit of £365 million pounds in the six months to 3 August.
That was bang in line with analysts' average forecast, according to a company poll, but down from £371 million in the same period last year.
After a weak first quarter that was blamed on unseasonably cold weather Kingfisher had a much better second quarter as weather conditions improved, spurring demand for seasonal items.
Total first-half sales rose 4.3% to £5.72 billion, though sales at stores open over a year fell 0.8%.
Kingfisher, which ended the period with net cash of £259 million, is paying an interim dividend of 3.12 pence, up 1%.
Shares in Kingfisher, up 48% over the last year, closed Tuesday at 413.2 pence, valuing the business at £9.8 billion.