Business World

Sunday 21 April 2019

B&Q owner's chief to leave

B&Q owner Kingfisher has reported an 11pc fall in retail profits to £753m (€880m) in the 12 months to January 31. Photo: Bloomberg
B&Q owner Kingfisher has reported an 11pc fall in retail profits to £753m (€880m) in the 12 months to January 31. Photo: Bloomberg

B&Q owner Kingfisher has reported an 11pc fall in retail profits to £753m (€880m) in the 12 months to January 31.

Announcing its annual results yesterday the group said CEO Véronique Laury, was stepping down.

A departure date for Ms Laury has not yet been finalised and the group has launched a succession plan for her replacement.

Meanwhile, underlying pre-tax profit fell 13pc year-on-year to £693m (€810m).

Revenue for the period rose marginally to £11.7bn (€13.6bn), slightly below Davy Stockbrokers forecast of £11.8bn (€13.8bn).

In like-for-like terms revenue fell by 1.6pc. The performance was impacted by its Castorama arm in France, which the company said had been "disappointing".

UK and Ireland group sales were up 1.1pc to £5bn (€5.8bn) in the context of what the group described as "a weak consumer backdrop".

In like-for-like terms sales declined 0.8pc in the UK and Ireland.

Meanwhile, retail profit in the market was up 6pc to £399m.

Kingfisher operates from eight B&Q stores here.

The group said it plans to open a number of Screwfix outlets in the Republic of Ireland later this year.

Shares in the company were trading down 1.63pc in London yesterday.

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