Kingfisher’s top and bottom lines have been trapped in a downward spiral since kicking off its One Kingfisher transformation plan three years ago.
The DIY giant’s wide-ranging strategy was initiated by outgoing boss Veronique Laury in 2016 with a focus on three main pillars: unifying product ranges across its businesses – including B&Q, Screwfix, Castorama and Brico Depot – driving its digital capabilities and bringing in a unified IT platform to create operational efficiencies. Laury’s bold aim was to deliver £500m of incremental profit by 2021/22.
Earlier this year, that profit target was scrapped – and now the One Kingfisher plan itself could also be ripped up by incoming chief executive and former Carrefour Asia boss, Thierry Garnier.
After Kingfisher suffered a 12.5% decline in statutory pre-tax profit to £245m in the six months to July 31, under-pressure chair Andy Cosslett opened the door for the first time to the prospect of a strategic review, admitting that Garnier would have the “opportunity to review everything that’s going on with the business”.
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