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Shares in FTSE 100 retail group Kingfisher (LON:KGF) dropped by 3.19% to 255.20p (at 0f 12:00 BST) after adjusted profits before tax for the six months ended 31st July fell by 18% to £323 million. Sales for the period grew by a modest 1.2% to £6,080 million, but retail profits declined by 13.5% to £404 million.
Chief executive officer Véronique Laury said: “The extent and pace of change in the retail sector is profound. We saw these changes and acted early. We’re now halfway through our ONE Kingfisher transformation and we are well on our way to becoming a truly customer led, digital, and efficient business.
“Transformation on this scale is tough, and there are challenges that we’re working through. There is still much to do to improve our performance in France and to remove inefficiencies within the business as we continue to transform at pace. I am confident that we have the right plan and the opportunity for Kingfisher is significant.
“Our H1 results reflect a solid performance in the UK and Poland whilst France remains difficult. Looking to the full year we remain on track to deliver our strategic milestones for the third year in a row and have put actions in place to support our performance. The outlook for our main markets continues to be mixed.
“We firmly believe in the transformation plan benefits and maintain our ambition. The environment is making our task more difficult than expected and we will always take the right decisions for the company in the long-term.”