|Master Investor Magazine
Never miss an issue of Master Investor Magazine – sign-up now for free!
The price of shares in FTSE 100 retailing firm Kingfisher (LON:KGF) dropped by 2.56% to 196.35p (as of 13:50 BST) as total sales retreated by 0.9% during the six months ended 31st July. Statutory pre-tax profits during the period fell by 12.5% with a drop in retail profits mainly linked to poor performance in France.
CEO Véronique Laury commented: “Our transformation activity continued in the first half of this year, including new range launches across the Group and the rollout of further capabilities within our unified IT platform. These activities resulted in some ongoing disruption that impacted sales at B&Q and Castorama France. This was partly offset by positive sales performances in Screwfix, which continues to grow its market share, and Poland“.