Kingfisher unveils new strategy as full-year profits fall

B&Q

B&Q’s parent company Kingfisher reported a dip in full-year sales and profits as new chief executive Thierry Garnier unveiled new ‘Powered by Kinfisher’ group strategy.

The DIY group posted a 5.2% fall in adjusted pre-tax profit to £544m in the year to January 31, while group sales declined 0.8% to £11.5bn, down 1.5% on a constant currency basis.

The retail group said that its first quarter like-for-like sales slumped 24.8% due to coronavirus-induced disruption across its store estate.

During the retailer’s financial year, B&Q’s sales declined 3.1% to £3.3bn, down 2.9% on a like-for-like basis. By contrast stablemate Screwfix’s sales rose 9.4% to £1.8bn, up 5% in like-for-like terms.

Against this backdrop new chief executive Thierry Garnier unveiled his strategic plan for business.

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