POST Online Media Lite Edition



 

Kingfisher 2014 profit declines, will close some stores

Staff writer |
Kingfisher Plc reported a profit for fiscal 2014 that declined from last year, reflecting a slower market in France since summer 2014, and adverse foreign exchange movements.

Article continues below






The company also said it plans to close around 15 percent surplus B&Q space and a few loss making stores in Europe.

The company said it remains encouraged by the improving economic backdrop in the UK, while remaining cautious on the outlook for France, its biggest market.

"Home improvement is a great market with huge potential and Kingfisher has a strong position within it with further scope to grow in a sustainable way. However, it is clear to me that we need to organize ourselves very differently to unlock our potential," chief executive Véronique Laury said.

Announcing its preliminary results for the fiscal year ended January 31, 2015, the company said its pre-tax profit decreased 15.2 percent to 644 million pounds from 759 million pounds in the prior year. The Group has booked exceptional income of 71 million pounds.

Excluding exceptional items, profit before tax was 679 million pounds, compared to 742 million pounds a year earlier.

On a per share basis, earnings decreased to 24.2 pence from 29.7 pence in the preceding year. Adjusted earnings per share for the current fiscal were 20.8 pence, while the company posted 22.6 pence last year. Kingfisher had restated its prior-year results.

Profit attributable to equity shareholders of the company for the year declined to 573 million pounds from 709 million pounds. Earnings per share dropped to 24.2 pence from last year's 29.7 pence. Prior-year results were restated.

Sales for the full year declined 1.4 percent to 10.97 billion pounds from 11.13 billion pounds in the prior fiscal. However, sales grew 2.9 percent at constant currency.

In France, sales decreased 6.6 percent to 4.13 billion pounds, and retail profit declined 11.8 percent to 349 million pounds from last year. In UK & Ireland, sales improved 5.4 percent to 4.60 billion pounds, and retail profit increased 16.2 percent to 276 million pounds.

Other international sales decreased 4.5 percent to 2.23 billion pounds, and retail profit declined 26.1 percent to 108 million pounds.

Retail profit for the year declined 5.9 percent to 733 million pounds.

In December, Kingfisher had agreed to sell a controlling 70 percent stake in its B&Q China business to Wumei Holdings Inc for a total cash consideration of 140 million pounds. The deal is expected to close during the first half of 2015/16.

The board has also proposed a final dividend of 6.85 pence, up 1 percent from last year, payable on June 15 to shareholders on record as of May 15, 2015. This will result in a full-year dividend of 10.0 pence.

"Besides the growth in full year dividend, we are also pleased to be announcing today a further £200 million capital return during FY 2015/16 reflecting our confidence in our medium term prospects.

"In the short term, whilst we remain encouraged by the improving economic backdrop in the UK, we remain cautious on the outlook for France, our biggest market," CFO Karen Witts stated.


What to read next

First Reserve to buy Kingfisher Wind
Chinese firm starts Uganda's $500 million power plant
25 U.S. passenger airlines reported $7.2bn pre-tax Q3 operating profit

U.S.: Locally heavy snow and rain in some spots

 
There is a heavy rain threat with isolated flash flooding over the next few days across a large portion of the nation from the Southern Appalachians/Tennessee Valley region, west southwestward into the Lower Mississippi Valley.
 
 

Latest

New York: Five transformational projects in Rochester
U.S. preliminarily finds some companies circumventing solar tariffs
Norwegian seafood exports in November increased
Germany: InvestEU - EIB invests in PBT’s eco-friendly battery material production

NEWS

Arctic blast set to freeze Britain as temperatures plunge to -8C

Poland: CBA detained two more persons in financial pyramid case
Flight from Poland diverted to Prague after possible bomb threat
Spain dismantles criminal organization dedicated to "CEO fraud" that operated nationally and internationally
UK rail dispute continues, union rejects latest offer from employers
South Africa: AFU seizes $2 million in assets held by corruption accused
 

BUSINESS

Switzerland watchdog investigates labour market in banking sector

EU’s embargo on Russian oil shipments, price cap mechanism come into force
Worldwide PC shipments declined 19.5% in third quarter of 2022
Highlights: November 28, 2022 - December 2, 2022
Air pollution hurts Bangladesh GDP and health
Iran begins procedures to build Darkhovin Nuclear Plant
 

Trending Now

Asuncion, Mother of Cities and Paraguay’s center of culture, music and shopping

U.S.: Locally heavy snow and rain in some spots

New York: Five transformational projects in Rochester

Norwegian seafood exports in November increased


POLITICS

Commission opens in-depth investigation into Lithuanian measure to compensate Litgas for operation of LNG terminal

Indonesia plans to build nuclear power plant
€13.5 billion French scheme to compensate energy-intensive companies for indirect emission costs
UK: Business Secretary launches review to prevent small firms from being ripped off by larger companies
UK government could bring in military to ease strike action, Sunak may prepare new ban on strike
Moscow will not accept price cap on Russian oil
 

Today We Recommend

Trafigura enters $3 bln loan to supply Germany's Sefe with gas


Highlights 

Iran’s shrimp exports to Russia up by 350% this year

Global food prices overall hold steady in November

Essar plans $4.9 bln petrochemical complex in Odisha


COMPANIES

Currys: Amazon uses UK infrastructure while not paying enough tax

New Zealand mulls law to make Google, Meta pay for news content
John Lewis Partnership to build 1,000 rental homes
Trafigura enters $3 bln loan to supply Germany's Sefe with gas
New Zealand fines sunscreen company for claims that could not be backed up
ALDI can acquire Altmühltaler Mineralbrunnen, Schwarz Group can take over Erfurter Teigwaren
 

CAREERS

Boeing appoints Brendan Nelson as Boeing International

Totally appoints John McMullan as medical director
Derby Building Products promotes Michael Morris to SVP
Former UK CMA CEO Andrea Coscelli to join Keystone
US Foods appoints Dave Flitman as CEO
G Mining Ventures appoints Carlos Vilhena to board
 

ECONOMY

CBI severely downgrades UK growth forecast

Japan services PMI continued to expand in November
Italy: GDP growth loses momentum in Q3
Indonesia: Inflation declines to lowest level since August in November
Australia retail sales contract in October
Cyprus' GDP growth estimated at 5.4 pct in Q3
 

EARNINGS

Genesco Q3 2023 GAAP earnings $1.66

Kirkland's Q3 sales $131.0 million
Cracker Barrel Old Country Store Q1 2023 revenue $839.5 million
Malvern Bancorp Q4 net income $2.6 million
Big Lots Q3 loss $4.33 million
Kroger Q3 profit decreases
 

OP-ED

Micromanaging is the worst enemy of efficiency and teamwork

Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
 

AGRIFISH

Iran’s shrimp exports to Russia up by 350% this year

High pathogenic avian influenza confirmed in Columbia County, Oregon
Sanitary certificate to export bovine meat from Argentina agreed with Mexico
Czech Republic detects first African swine fever case in 5 years
Dutch cattle herd size barely changed in 2022
Global food prices overall hold steady in November
 

LEADERSHIP

Only 32% of employees believe their pay is fair

Corporate duty waivers limit organic company growth and innovation
Women buy from women, men buy from women and men
How employee opinion impacts CEO dismissal
Keeping it in family can be good news when it comes to CEOs
Over a third of office workers are hybrid 'misfits'
 

CRIME

Glencore to pay Republic of Congo $180 mln over alleged corruption claims

Fraudsters target water infrastructure projects, OLAF closes several cases
Rhode Island man to pay more than $2.8 million in restitution for virtual currency fraud
Switzerland fines ABB $4.3 mn over South Africa bribery
New Mexico AG announces $58.5 million opioid settlement with Smith’s Food and drug parent Kroger
Florida AG announces multistate action against CarMax over the disclosure of safety recalls
 

Magazine

TRAVEL

All aboard the Heathrow Festive Express

Asuncion, Mother of Cities and Paraguay’s center of culture, music and shopping
"Pets with Love" Dog Adoption Carnival 2022 to be held in Hong Kong
Weather-resistant ArtWalk Downtown Billings, Montana
Dual branded Courtyard and Residence Inn by Marriott Hotel opens in Montreal
Candlewood Suites Hotel opens in Aberdeen, Md.
 

SEA, LAND, AIR

Lamborghini Huracán Sterrato, first super sports car for any terrain

New colorful Porsche 718 Style Edition models
2023 Toyota Prius Prime, solar panel roof and reliability
Volvo EX90, a car with updates
Cessna Citation CJ4 Gen2 jet, pursue your business goals while enjoying journey
GMC first Sierra EV marks turning point
 

DESIGN

Patchwork carpets, vintage Persian carpets made with unparalleled skill

Real life wallpapers, perfectly executed
A. Lange & Söhne, men's watches with true Saxonian DNA
Nella Vetrina, luxurious Italian designers bathroom vanities and furniture
Karastan rugs, durable and beautiful
Leather bags for every occasion and every life style
 

GADGETS

ASUS launches ExpertBook B9 for executives

Take Elektor Fortissimo and make your own high-end amplifier
RangeXTD, a Wi-Fi extender that actually works
Monitor II A.N.C. headphones, iconic Marshall sound
Zebra TC15, a clever mix of a mobile phone and a computer for business use
Bathroom speakers will make your relaxing even better
 

HEALTH

Cornwall first area in England to trial NHS Digital Health Check

Huge rise of scarlet fever cases in UK, 6 kids dead of Strep A
Neglecting COVID this year created perfect conditions for deadly new variant
EMA recommends withdrawal of pholcodine medicines from EU market
Nearly 200 sick in EU and UK Salmonella outbreak
FDA bans Eli Lilly, Regeneron antibody use in COVID-19 patients infected by omicron
 

MEANTIME

James Webb telescope produces an unparalleled view of the ghostly light in galaxy clusters

China's two meteorological satellites put into operation
Lagoon dries up as drought grips Peru
Mysteriously bright flash is black hole jet pointing straight toward Earth
Researchers discover Egypt's oldest tomb oriented to winter solstice
China's latest manned space mission blasts off