More pain at Kingfisher
Kingfisher which operates B&Q and Screwfix in the UK, Castorama & Brico Depot in Europe, has reported a 13 per cent fall in its underlying pre-tax profit to £693 million on total sales of £11.685 billion for the year to 31st January, following under-performance in France, Russia and Romania.
There were mixed fortunes from the UK and Ireland where total sales at B&Q were down by 2.8 per cent but Screwfix grew sales by 10.3 per cent (4.1 per cent like-for-like) with strong digital performance and new store openings making a good contribution. This meant that profits from the UK and Ireland were up by 6 per cent overall to £399 million.
Kingfisher France saw sales fall by 3.4 per cent and profits for the French market down by 35.2 per cent to £209 million.
Veronique Laury, CEO, said: "We have achieved radical organisational and behavioural change across Kingfisher over the last three years. We've done this against the backdrop of rapid structural change in retail alongside high levels of macroeconomic uncertainty, which are ongoing. Navgivating these conditions while maintaining focus on a transformation of this scale has required huge commitment from our people."