Kingfisher’s records “disappointing” half-year results

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Kingfisher half-year results profits consumer confidence uncertainty B&Q Screwfix
The sales decline was down to “weak consumer backdrop in the UK"
// Kingfisher half-year profits drop thanks to “disappointing” sales
// Kingfisher recorded a 12.5% decline in half-year statutory pre-tax profit to £245m
// Half-year sales fell 0.8% on a constant currency basis to £6bn

Kingfisher has seen a fall in its half-year profits as it recorded a “disappointing” sales performance in the UK thanks to weak consumer confidence.

In the six months to July 31, the home & DIY retailer recorded a 12.5 per cent decline in statutory pre-tax profit to £245 million, down 6.4 per cent to £353 million on an underlying basis.

Sales fell 0.8 per cent on a constant currency basis to £6 billion during the period, down 1.8 per cent in like-for-like terms.

Meanwhile, the rising sales across its Screwfix faschia, and Poland and Romania markets were offset by a “disappointing” sales performance in the UK and France.

Kingfisher said the sales decline was down to “weak consumer backdrop in the UK and disruption caused by new range implementation at B&Q, and transformation-related issues at Castorama France”.

On Monday, Kingfisher said its outgoing chief executive Véronique Laury was struggling to sell the group’s Russian and Iberian arm of the business.

Laury, who is due to step down on September 24, is attempting to offload the division before her departure.

She will be succeeded by Carrefour executive Thierry Garnier.

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