Economy

Kingfisher pretax profit hurt by weak French sales

Kingfisher pretax profit hurt by weak French sales”

Kingfisher, Europe's largest home improvement retailer, has today reported a better-than-expected rise in first-half profit but said it was cautious on the second-half backdrop in both the United Kingdom and France.

Kingfisher saw solid growth at its Screwfix brand in the United Kingdom and also in Poland, but this was offset by a 5% fall in sales in France, where it operates Castorama and Brico Depot stores.

Shares in retail group Kingfisher outperformed the market in early trading, despite the firm's reporting of a 5.9% fall in half-year profits.

Kingfisher is in the second year of a plan to boost annual profit by 500 million pounds from 2021.

In the first half, underlying pre-tax profit was 440 million pounds, compared to 436 million pounds a year ago.

That compared to analysts' average forecast of £426-436m made in the same time previous year.

The results reflected about 2% LFL impact from business disruption, albeit with an overall improving trend, and continued weaker sales in France.

Adjusted pre-tax profit was 394 million pounds, compared to 418 million pounds a year ago.

She added: " For the full year, we have self-help plans in place to support our overall performance and remain comfortable with full year profit expectations, though we remain cautious on the second half backdrop in the United Kingdom and France".



Like this

loading...
loading...

Latest


20 September 2017
US Women's National Soccer Team beats New Zealand 5-0 at Nippert
Women's National Soccer Team came out on top Tuesday night when Nippert Stadium hosted its global friendly against New Zealand . But when Lindsey Horan opened the scoring with a looping header in the 36th minute, the floodgates opened.

20 September 2017
Asia markets focus on Fed as USA stocks climb and dollar slides
ENERGY: Benchmark U.S. crude added 2 cents to $49.91 per barrel in electronic trading on the New York Mercantile Exchange. The country's PSEi Composite gained nearly 1.4 percent, hitting an all-time high of ₱8,294.14.

20 September 2017
Almost 400000 United Kingdom customers' data may have been stolen by hackers
Its also wants Equifax to reimburse consumers who incur fees from other credit reporting firms to freeze their credit. Monitor your existing credit cards and financial accounts: Immediately report any suspicious charges or activity.

20 September 2017
Trump to 'talk extremely tough' about North Korea in first United Nations speech
The Patriot Advanced Capability-3 system arrived at the base later on Tuesday, a local defence official told AFP. Air Force B-1B strategic bombers and four F-35B stealth fighters".

20 September 2017
Punjab and Haryana HC rejects Ryan trustees' bail plea
Deputy commissioner Vinay Pratap Singh will be in-charge of the school during this period, a Hindustan Times report said. CM also asserted that for the next three months, Haryana government will take over the management of the school.

20 September 2017
Antonio Conte confirms Eden Hazard ready to start for Chelsea
In my career I was injured a lot of times and I have a bit of experience about this situation". He added: "Our work is to try and improve every single player".

20 September 2017
Fifth Third Bancorp (FITB) Shares Sold by Axa
Several analysts have released their opinion on Fifth Third Bancorp (NASDAQ: FITB ), with 1 analysts believing it is a strong buy. Fifth Third Bancorp (FITB ) have shown a high EPS growth of 10.30% in the last 5 years and has earnings decline of -4.00% yoy.

20 September 2017
Jesus set for new Manchester City contract
The 20-year-old has scored 12 goals in 15 starts and his stunning form has made him one of the first names on manager Pep Guardiola's teamsheet.

20 September 2017
Major California farming district refuses twins tunnels project
It was clear that this would be a hard vote for Westlands, as it is for us all. Jerry Brown's $16 billion twin tunnels project.

20 September 2017
Use of nuclear weapon unthinkable: United Nations chief Antonio Guterres
And Trump said all responsible nations must work together to confront terrorists and "the Islamic extremists that inspire them". With regard to climate change and controlling carbon gas emissions, Guterres said the science was "unassailable".