Kingfisher seeks new CEO amid 15 store closures

Kingfisher Screwfix
// Kingfisher is considering axing 15 stores group-wide
// The firm is currently searching for new CEO
// 19 Screwfix stores in Germany planned for closure

B&Q parent company Kingfisher has revealed plans to close down 15 stores across the company while announcing a search for a new chief executive.

The multinational DIY retailer said it planned to shut these stores over the next two years

Kingfisher also plans to close an additional 19 Screwfix stores in Germany, leaving that fascia with an online-only store.

Kingfisher chief executive Veronique Laury is expected to remain on the board while a successor is found.

The firm has not yet announced a date for her resignation.

The news comes as Kingfisher’s pre-tax profits crashed 52.8 per cent to £322 million for the year to January 11.

On an underlying basis, pre-tax profits declined by 13 per cent to £693 million.

Laury has faced pressure due to the declining profits and sales despite her five-year transformation planning efforts.

Kingfisher’s full-year results showed B&Q sales dropped by three per cent on a like-for-like basis over the year.

Meanwhile, Screwfix saw an increase of 4.1 per cent in like-for-like sales.

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