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B&Q owner Kingfisher shuts French stores

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Kingfisher’s remaining over 1,100 stores across Ireland, the UK, Poland, Romania, Portugal and Russia remain open. Photo: Bloomberg

Kingfisher’s remaining over 1,100 stores across Ireland, the UK, Poland, Romania, Portugal and Russia remain open. Photo: Bloomberg

BLOOMBERG NEWS

Kingfisher’s remaining over 1,100 stores across Ireland, the UK, Poland, Romania, Portugal and Russia remain open. Photo: Bloomberg

Home improvement group Kingfisher, which owns DIY chain B&Q, said on Monday all 221 of its Castorama and Brico Depot stores in France have closed until April 14 in line with government advice on coronavirus. Its 28 stores in Spain are shut until March 29.

The group said it is working to mitigate the implications of these closures, including serving customers through click & collect or home delivery.

Kingfisher's remaining over 1,100 stores across Ireland, the UK, Poland, Romania, Portugal and Russia remain open.

But it said significant uncertainty exists around the impact of Covid-19, forcing it to take measures to contain costs and protect its financial position.

These include reducing operating expenditure, reducing stock and goods not for resale (GNFR) purchases, optimising working capital, stopping all but essential capital expenditure, and making use of tax payments and other government relief measures.

The group said that up to March 14 sales had been positive and it had experienced no impact on demand from the outbreak.

It plans to report results for 2019-20, as scheduled, on March 24.

Reuters

Reuters


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