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21 March 2018 By Carol Ryan

The DIY merchant’s good 2017 results fail to cover up other problems. Softening demand in Britain chimes with other UK retailers’ experience. But there’s less excuse for poor stock management and underperformance in France. The company’s turnaround plans may be prone to cracks.

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DIY retailer Kingfisher on March 21 reported underlying pre-tax profit of 797 million pounds in the year to Jan. 31. That compared with analysts’ consensus expectations of 783 million pounds.

Kingfisher said the outlook for Britain, where it operates the B&Q and Screwfix chains, was more uncertain, and that sales at both brands had softened in the fourth quarter. The French market backdrop was volatile, it added.

Kingfisher’s shares were down 6.8 percent to 315 pence by 0925 GMT on March 21.

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