Retail profits fall 11pc at B&Q owner, group commences CEO succession process
Retail profits fell 11pc to £753m (€880m) at B&Q owner Kingfisher in the 12 months to 31 January 2019.
Underlying pre-tax profit fell 13pc year-on-year to £693m (€810m), according to annual results from the group.
Meanwhile, revenue for the period rose 0.3pc year-on-year 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".
In the UK and Ireland group sales were up 1.1pc to £5bn 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 stores in Ireland.
The group said it plans to open Screwfix outlet in the Republic of Ireland this year.
Véronique Laury, CEO of Kingfisher said: "During the year, the UK, Poland and Brico Dépôt France performed well, leveraging the benefits of our transformation."
"However, Castorama France has been disappointing and we are implementing a clear plan to sustainably improve its performance."
Looking ahead, Kingfisher expects gross margins to be flat in the new financial year.
Elsewhere, and the group said its CEO, Véronique Laury, was stepping down.
A departure date for Ms Laury, has not yet been decided.