Kingfisher: shares drop after 'mixed' results
(CercleFinance.com) - Kingfisher, Europe's biggest home improvement retailer, said it had "mixed" performance in the fiscal year 2017/2018, with solid growth in Poland offset by weaker sales in France.
The group, which runs the B&Q and Screwfix chains in the UK, as well as Castorama in France, made underlying pre-tax profit of 797 million pounds in the year ended 31 January 2018, up 1% from 787 million pounds in the previous financial year.
Kingfisher - which has now completed the second year of its five-year transformation plan - said total sales rose 4% to over 11.6 billion pounds over the past year, with sales at stores open over a year down 0.7%.
In its statement, Kingfisher said the outlook for its main markets was also "mixed," with the UK more uncertain, and France remaining volatile.
Shares in the group, which operates a total of 1,280 stores in nine European countries, have fallen by up to 7.5% on Wednesday after it showed no signs of an imminent upturn in business.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The group, which runs the B&Q and Screwfix chains in the UK, as well as Castorama in France, made underlying pre-tax profit of 797 million pounds in the year ended 31 January 2018, up 1% from 787 million pounds in the previous financial year.
Kingfisher - which has now completed the second year of its five-year transformation plan - said total sales rose 4% to over 11.6 billion pounds over the past year, with sales at stores open over a year down 0.7%.
In its statement, Kingfisher said the outlook for its main markets was also "mixed," with the UK more uncertain, and France remaining volatile.
Shares in the group, which operates a total of 1,280 stores in nine European countries, have fallen by up to 7.5% on Wednesday after it showed no signs of an imminent upturn in business.
Copyright (c) 2018 CercleFinance.com. All rights reserved.