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Kingfisher expected to report double-digit profit decline

Castorama 725 x 500

Analysts are predicting double-digit decline in profit at Kingfisher when it reports on half year trading later this week.

Reports forecast that half year profits will drop to just £386m, down by 12%. 

Kingfisher's overseas business is expected to be responsible for much of the decline, particularly France's Castorama.  Profits from the French division, which also encompasses the Brico Depot chain, are expected to have dropped by a third during the reporting period. 

Earlier this month, Marc Tenart stepped down from his role as CEO of Kingfisher France, and was replaced by Christian Mazauric, the CEO of Kingfisher UK & Ireland. 

B&Q and Screwfix, Kingfisher's UK trading fascias, reported a total sales increase of 6.0% and a like-for-like sales increase of 4.2% in second quarter trading, compared with a total sales decline of 0.7% and a decrease of 1.0% in like-for-like sales in France. 

The sector continues to be affected by online competition and the effects of discounters and supermarket competitors increasing their offer of low-priced DIY goods.

Kingfisher is also expected to update on its 'ONE Kingfisher' transformation plan - its five-year programme focused on 'leveraging the scale of the business by creating a unified company, where customer needs always come first.'

Source : Insight DIY Team

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17 September 2018

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