French market woes weigh on Kingfisher profit
NO AMOUNT of DIY could help fix Kingfisher’s sales performance in the third quarter as France’s weak consumer economy continued to weigh on Europe’s largest home improvement retailer.
Kingfisher posted a 3.6 per cent drop in sales to £2.8bn, saying the weak French market, where it traded as Castorama and Brico Depot, had offset a stronger performance at B&Q and Screwfix in the UK.
Retail profit in the 13 weeks to 1 November fell 11.8 per cent to £225m, hurt by adverse foreign exchange movements, particularly in Russia, which wiped £13m off profits.
The results were the last to be presented by chief executive Sir Ian Cheshire, who is being succeeded by Castorama boss Veronique Laury, on 8 December.
Cheshire, who has doubled pre-tax profits at the DIY chain, said he was leaving feeling proud at what he and the group has achieved over the past seven years.