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B&Q owner Kingfisher's profits down amid revamp | B&Q owner Kingfisher's profits down amid revamp |
(35 minutes later) | |
DIY giant Kingfisher has announced a 20.5% fall in statutory pre-tax profit as it reaches the halfway mark in its plan to close 65 B&Q stores. | DIY giant Kingfisher has announced a 20.5% fall in statutory pre-tax profit as it reaches the halfway mark in its plan to close 65 B&Q stores. |
Profit for 2015 was £512m, down from £644m in 2014. | Profit for 2015 was £512m, down from £644m in 2014. |
Last year, it announced plans to close 65 B&Q stores in the UK and Ireland over two years. | Last year, it announced plans to close 65 B&Q stores in the UK and Ireland over two years. |
In its latest statement, it said 30 of these had now shut down, with the remaining 35 to go in the next financial year. | In its latest statement, it said 30 of these had now shut down, with the remaining 35 to go in the next financial year. |
In the company's preferred measure of adjusted pre-tax profit, which excludes restructuring costs, the firm saw a 0.3% rise in income to £686m. | In the company's preferred measure of adjusted pre-tax profit, which excludes restructuring costs, the firm saw a 0.3% rise in income to £686m. |
Kingfisher said it was making "good early progress" on its "ONE Kingfisher" transformation plan, announced in January. | Kingfisher said it was making "good early progress" on its "ONE Kingfisher" transformation plan, announced in January. |
The aim of the plan is to increase annual pre-tax profits by £500m within five years and return £600m to shareholders. | The aim of the plan is to increase annual pre-tax profits by £500m within five years and return £600m to shareholders. |
'Solid progress' | |
"This has been a very productive and important year," said chief executive Veronique Laury, who admitted that the company's targets were "ambitious". | |
"However, based on the solid progress so far, and the competence and enthusiasm of our colleagues, we feel very confident in our ability to deliver." | |
Kingfisher's chief financial officer, Karen Witts, said the UK's economic backdrop remained "positive", but the firm was "cautious" on the outlook for France, where it owns Castorama and Brico Depot. | |
Sales in the UK and Ireland rose 5.6% over the year, thanks to "a stronger UK economy and a more buoyant housing construction market". | |
At the same time, sales in France went up 1.2%, "in a broadly flat market, impacted by ongoing weak consumer confidence and subdued housing and construction activity". |
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