B&Q Owner Announces Fall in Profits
Kingfisher, owner of B&Q DIY chain, has announced a big fall in profits after what it called a ‘tough year’.
Pre-tax profits for the 12 months to the end of January were down 11.4% to £715m, compared to a year earlier.
Kingfisher is the third largest DIY retailer in the world, and has more than 1000 stores across eight countries. Kingfisher trades as B&Q and Screwfix in the UK, Castorama and Brico Depot in France as well as outlets in Poland, Turkey and Germany.
The company blamed weak consumer confidence, unfavourable currency exchange rates and bad UK weather hitting sales of ‘seasonal products’. In the UK, a wet summer was said to have cost B&Q £25m, as fewer customers visited stores.
Chief executive Ian Cheshire said the company expected the market to remain challenging: “We have had a tough year, impacted by unfavourable foreign exchange, record adverse weather in the UK and declining underlying markets in each of our three key territories,” he said.
“Looking ahead, although we expect market conditions to remain challenging… I remain very confident in our prospects, with clear initiatives underway to make it easier for our customers to have better and more sustainable homes.”
Pic source: Retail Week