B&Q delivers weak performance

DIY retail group Kingfisher has reported a decline in both sales and profits following a disappointing performance at B&Q.

According to its latest trading update for the six months to 31 July 2019, like-for-like sales were down 1.8% whilst underlying pre-tax profit fell by 6.4% to £353.3m.

Commenting on the results, Veronique Laury, Kingfisher chief executive, said: “Our transformation activity continued in the first half of this year, including new range launches across the group and the rollout of further capabilities within our unified IT platform.

“These activities resulted in some ongoing disruption that impacted sales at B&Q and Castorama France. This was partly offset by positive sales performances in Screwfix, which continues to grow its market share, and Poland.”

Like-for-like sales at B&Q fell by 3.2% as trading was impacted by ‘discontinuation of the retailer’s installation services and ongoing work to introduce new surfaces and décor ranges’.

However, Screwfix sales climbed by 5.1%. Overall, UK retail profit fell 1.7% to £277m.

Earlier this year, Kingfisher previously announced the arrival of Thierry Garnier as its new CEO, replacing Véronique. Andy Cosslett, chairman, added: “The board and I would like to thank Véronique for her vision and her determination in laying the foundations for our future growth.

“In Thierry Garnier, who joins Kingfisher next week, we have found the right individual with the right skills and experience to build on the platform that we are establishing. In the near term our focus will be on improving execution and delivering on our key priorities for the year.”


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