Kingfisher Q2 2017 earnings: sales reached £3.1 billion

LONDON, 2017-Aug-17 — /EPR Retail News/ —

  • Q2 LFL down 1.9% reflecting:
    • B&Q seasonal performance down 11% given weather boosted Q2 last year (+10%) and Q1 this year (+17%) (H1 2017/18: -1%)
    • continued weaker sales in France; and
    • continued business disruption from our ONE Kingfisher plan albeit with an overall improving trend
  • Remain comfortable with Year 2 consensus underlying EPS expectations(3): self-help cost initiatives already in place including c.£5m more of GNFR(4) benefits than previously guided (now c.£25m)
  • Remain on track to deliver Year 2 strategic milestones
  • Entered into binding acquisition agreement in August to significantly strengthen our position in Romania, subject to regulatory approval
  • Returned a further £168m (53m shares) year to date via share buyback of previously announced c.£600m capital return(5)

Véronique Laury, Kingfisher Chief Executive Officer, said:

“Q2 has broadly followed a similar course to Q1 although B&Q’s performance was impacted by seasonal swings across Q1 and Q2. We have also continued to experience some disruption across the businesses, although on an improving trend. Availability of this year’s unified and unique product is now approaching normal levels. We continue to adapt new processes as our transformation progresses, which will support the significant amount of change planned for H2.

“Having been very aware that this year would be challenging given the step up in transformation activity, we already have self-help plans in place to support our overall Year 2 performance, though we remain cautious on the H2 outlook for the UK and France as previously guided. We remain on track to deliver our Year 2 strategic milestones, and look forward to updating you on our wider progress in more detail at our H1 results.”

Q2 trading highlights by division (in constant currencies):

UK & IRELAND

  • Total sales -2.1%. LFL -1.0% reflecting continued strong Screwfix performance and modest price inflation offset by a softer B&Q performance
    • B&Q UK & Ireland sales -7.8% reflecting annualisation of completed store closure programme. LFL -4.7% including benefit from sales transference associated with store closures(6). LFL of seasonal -10.7% reflecting strong comparative (Q2 16/17: +9.6%) and the positive impact of weather on this year’s Q1. LFL of non-seasonal, including showroom -1.6%
    • Screwfix sales up +17.2%. LFL +10.8% driven by its leading digital capability, new and extended specialist ranges and new outlets

FRANCE

  • Total sales -3.3% (LFL -3.8%). Sales for the home improvement market (Banque de France data(7)) +0.4% in Q2
    • Castorama sales -2.3% (LFL -2.8%). LFL of seasonal -6.0%. LFL of non-seasonal, including showroom -1.3%
    • Brico Dépôt sales -4.5% (LFL -5.1%)

OTHER INTERNATIONAL

  • Sales in Poland +5.7% (LFL +4.0%) reflecting a continued good performance in a supportive market. LFL of seasonal +1.4%. LFL of non-seasonal, including showroom +4.6%

Footnotes

(1) Like-for-like sales growth representing the constant currency, year on year sales growth for stores that have been open for more than a year
(2) Brico Dépôt Romania, Brico Dépôt Portugal and Screwfix Germany
(3) Analyst consensus of underlying earnings per share of 26p for FY 2017/18, see http://www.kingfisher.com/index.asp?pageid=79 for more detail. Underlying earnings per share is used to report the performance of the underlying business at a Group level, including the sustainable benefits of our transformation programme. This is stated before the short-term costs associated with our transformation programme, exceptional items and FFVR, related tax items and prior year tax items
(4) GNFR (Goods Not For Resale) covers the procurement of all goods and services that Kingfisher consumes
(5) Through to end of FY 2018/19 (over and above the annual ordinary dividend); now returned £368m of the c.£600m
(6) c.1% LFL sales transference benefit from B&Q store closures remains full year guidance
(7) Includes relocated and extended stores http://webstat.banque-france.fr/en/browse.do?node=5384326

This announcement can be downloaded from www.kingfisher.com. Data tables for Q2 and H1 sales 2017/18 are available for download in excel format at http://www.kingfisher.com/index.asp?pageid=59

We can be followed on Twitter @kingfisherplc with the Q2 results tag #KGFQ2. Kingfisher American Depository Receipts are traded in the US on the OTCQX platform:(OTCQX: KGFHY) http://www.otcmarkets.com/stock/KGFHY/quote

Our next announcement will be our Half Year Results on 20 September 2017. The results will be presented as an audio webcast followed by a live Q&A.

Forward-looking statements

You are not to construe the content of this announcement as investment, legal or tax advice and you should make your own evaluation of the Company and the market. If you are in any doubt about the contents of this announcement or the action you should take, you should consult a person authorised under the Financial Services and Markets Act 2000 (as amended) (or if you are a person outside the UK, otherwise duly qualified in your jurisdiction).

This announcement has been prepared in relation to the financial results for the Quarter ended 31 July 2017. The financial information referenced in this announcement is not audited and does not contain sufficient detail to allow a full understanding of the results of the group. Nothing in this announcement should be construed as either an offer or invitation to sell or any offering of securities or any invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in any company within the group or an invitation or inducement to engage in investment activity under section 21 of the Financial Services and Markets Act 2000 (as amended).

Certain information contained in this announcement may constitute “forward-looking statements” (including within the meaning of the safe harbour provisions of the United States Private Securities Litigation Reform Act of 1995), which can be identified by the use of terms such as “may”, “will”, “would”, “could”, “should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue”, “target”, “plan”, “goal”, “aim” or “believe” (or the negatives thereof) or other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, changes in global or regional trade conditions, changes in tax rates, liquidity, prospects, growth and strategies. By their nature, forward-looking statements involve risks, assumptions and uncertainties that could cause actual events or results or actual performance of the Company to differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty is made as to the achievement or reasonableness of and no reliance should be placed on such forward-looking statements.

The Company does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in the Company’s expectations.

Contacts:

Investor Relations:
+44 (0) 20 7644 1082
investorenquiries@kingfisher.com

Media Relations:
+44 (0) 20 7644 1030
corpcomms@kingfisher.com

Teneo Blue Rubicon
+44 (0) 20 7260 2700
Kfteam@teneobluerubicon.com

Source: Kingfisher

Kingfisher reports sales of £2.9 billion during 1Q 2017

  • Q1 LFL down 0.6% reflecting continued weaker sales in France and some business disruption from our ONE Kingfisher plan
  • Remain on track to deliver Year 2 strategic milestones
  • Returned further £79m (23m shares) year to date via share buyback of previously announced c.£600m capital return(3)

LONDON, 2017-May-24 — /EPR Retail News/ —

Véronique Laury, Chief Executive Officer, said: “We have set ourselves up well for our transformation, which continues in line with our plans. Strong performance in Screwfix and Poland continues, though performance in France remains weak. In addition, we are experiencing some business disruption given the volume of change, as we clear old ranges, remerchandise new ranges and continue the roll out of our unified IT platform.

“However, we are on track to deliver our Year 2 strategic milestones. Early customer reaction to our new ranges is encouraging, especially in France where our new unique bathroom ranges are launching first. We are also progressing well with our IT platform, which is now live in nearly a third of our Castorama France stores and which will enable us to build a much stronger digital offer.

“We remain confident in the size of the prize and our ability to deliver our long term plan, both the financial benefits of the transformation and the benefits to customers, supported by the continued expertise and energy of our colleagues.”

Q1 trading highlights by division (in constant currencies)

UK & IRELAND

  • Total sales +1.4%. LFL +3.5% reflecting continued strong Screwfix performance and modest price inflation
    • B&Q UK & Ireland sales -4.6% reflecting annualisation of completed store closure programme. LFL +0.5% including benefit from sales transference associated with store closures(4) and strong digital growth (+31%). LFL of seasonal +17.5%. LFL of non-seasonal, including showroom -3.9%
    • Screwfix sales up +20.3% (LFL +12.6%) driven by its leading digital capability, new and extended ranges and new outlets

FRANCE

  • Total sales -5.0% (LFL -5.5%). Sales for the home improvement market (Banque de France data(5)) were down c.1% in Q1
    • Castorama sales -4.0% (LFL -4.3%). LFL of seasonal +3.3%. LFL of non-seasonal, including showroom -6.9%
    • Brico Dépôt sales -6.2% (LFL -6.8%)

OTHER INTERNATIONAL

  • Total sales in Poland +5.7% (LFL +3.5%) benefiting from a supportive market. LFL of seasonal -5.9%. LFL of non-seasonal, including showroom +5.2%

Footnotes

(1) Like-for-like sales growth representing the constant currency, year on year sales growth for stores that have been open for more than a year
(2) Brico Dépôt Romania, Brico Dépôt Portugal and Screwfix Germany
(3) Through to end of FY 2018/19 (over and above the annual ordinary dividend); now returned £279m of the c.£600m
(4) c.1% LFL sales transference benefit from B&Q store closures remains full year guidance
(5) Includes relocated and extended stores http://webstat.banque-france.fr/en/browse.do?node=5384326

This announcement can be downloaded from www.kingfisher.com or viewed on the Kingfisher IR iPad App. Data tables for Q1 2017/18 are available for download in excel format at http://www.kingfisher.com/index.asp?pageid=59
Our next announcement will be the Q2 sales update on 17 August 2017.

We can be followed on Twitter @kingfisherplc with the Q1 results tag #KGFQ1. Kingfisher American Depository Receipts are traded in the US on the OTCQX platform:(OTCQX: KGFHY) http://www.otcmarkets.com/stock/KGFHY/quote

Forward-looking statements

You are not to construe the content of this announcement as investment, legal or tax advice and you should make your own evaluation of the Company and the market.  If you are in any doubt about the contents of this announcement or the action you should take, you should consult a person authorised under the Financial Services and Markets Act 2000 (as amended) (or if you are a person outside the UK, otherwise duly qualified in your jurisdiction).

This announcement has been prepared in relation to the financial results for the Quarter ended 30 April 2017. The financial information referenced in this announcement is not audited and does not contain sufficient detail to allow a full understanding of the results of the group.  Nothing in this announcement should be construed as either an offer or invitation to sell or any offering of securities or any invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in any company within the group or an invitation or inducement to engage in investment activity under section 21 of the Financial Services and Markets Act 2000 (as amended).

Certain information contained in this announcement may constitute “forward-looking statements” (including within the meaning of the safe harbour provisions of the United States Private Securities Litigation Reform Act of 1995), which can be identified by the use of terms such as “may”, “will”, “would”, “could”, “should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue”, “target”, “plan”, “goal”, “aim” or “believe” (or the negatives thereof) or other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, changes in global or regional trade conditions, changes in tax rates, liquidity, prospects, growth and strategies.  By their nature, forward-looking statements involve risks, assumptions and uncertainties that could cause actual events or results or actual performance of the Company to differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty is made as to the achievement or reasonableness of and no reliance should be placed on such forward-looking statements.

The Company does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in the Company’s expectations.

Contacts:

Investor Relations:
+44 (0) 20 7644 1082
investorenquiries@kingfisher.com

Media Relations:
+44 (0) 20 7644 1030
corpcomms@kingfisher.com

Teneo Blue Rubicon
+44 (0) 20 7260 2700
Kfteam@teneobluerubicon.com

Source: Kingfisher

Kingfisher launches marketing campaign ‘Start Something New’ for its new range of Unique outdoor products

New campaign to support its first Unified and Unique outdoor range

View our TV advert

  • New Kingfisher garden and outdoor range, based on deep customer insight
  • Rolled out across Kingfisher’s European businesses
  • Campaign developed by award-winning creative agency Leo Burnett
  • TVC creative directed by British actor and ‘Eddie the Eagle’ director Dexter Fletcher

London, 2017-Mar-24 — /EPR Retail News/ — Kingfisher plc has launched its first international, multi-platform marketing campaign, ‘Start Something New’, to support the home improvement company’s new range of Unique outdoor products.  Based on extensive customer research which included visits to hundreds of customers’ homes, the exclusive products have been designed and created by Kingfisher’s in-house teams to reflect the realities of their customers’ lives.

With heavyweight media support, the campaign is rooted in Kingfisher’s belief that the home is at the heart of people’s lives, with huge emotional significance.

On air today, the TV advert is a personal story linking new life stages and the promise of new memories to come, with the new product range. Directed by British actor and director Dexter Fletcher (director of the 2016 hit film, ‘Eddie the Eagle’) the advert shows how the new range of products can create a positive change in customer’s lives thanks to unique designs and accessible pricing.

This new range marks an important step in Kingfisher’s strategy to make home improvement accessible for everyone and is the first time the business has launched a multi-country advertising campaign. The marketing activity is focused on supporting four new outdoor product ranges:

  • INDUS ‘Little House’, the first metal shed of its kind
  • Mix-and-match NEVA modular fencing system
  • DENIA garden furniture set, with folding and extending solutions
  • New VERVE watering system

Kingfisher’s Chief Customer Officer, Pierre Woreczek, commented: “We are a business that puts the customer at the heart of what we do. Our new outdoor ranges were developed from deep customer insights, based on supporting our customers in the reality of their lives. The team at Leo Burnett London has done a fantastic job at capturing the genuine emotional connection between our products and our customers’ lives through the Start Something New campaign.”

Commenting on the creative, Chaka Sobhani, Chief Creative Officer for Leo Burnett London, said: “We’re really proud to be part of the start of this journey with Kingfisher, a brand who believe great design should be affordable and available to all. Our stories hopefully mirror how great design really can have an impact, small or big, on our everyday lives.”

The ad will air in the UK from 23rd March to 5th April, and all products are currently available at B&Q. As well as the UK, the ad will also be shown in France and Romania.

Notes to editors

About Kingfisher

Kingfisher plc is a home improvement company with nearly 1,200 stores in 10 countries across Europe. We employ 77,000 people and nearly six million customers shop in our stores and through our websites every week www.kingfisher.com

About Leo Burnett

www.leoburnett.co.uk

All business is now multi channel and Leo Burnett London is structured accordingly. Leo Burnett London specialise in Advertising, Digital, Social Media, Content and Innovation, Sales Promotion, Direct Marketing, Licensing and Luxury Branding. We have one planning department across all these disciplines; one creative department creating ideas that work across all relevant media; one account management team; one production department and one P&L.

We have one desired outcome: To make brands popular.

Leo Burnett London partners with clients such as The Co-op, Kellogg’s, McDonald’s, Procter & Gamble

Kingfisher Press Office contacts:
t +44 (0)20 7372 8008
email: corpcomms@kingfisher.com

Zoe Crowther
Marketing and New Business Director
t +44 (0)787 9645136
email: zoe.crowther@leoburnett.co.uk

Source: Kingfisher

Kingfisher announces retirement of its Chairman Daniel Bernard; Andy Cosslett to succeed

LONDON, 2017-Mar-24 — /EPR Retail News/ — Kingfisher announces that its Chairman, Daniel Bernard, has informed the Board that he will retire as Chairman and step down from the Board at the AGM in June 2017, after eight years as Chairman and 11 years on the Board. His successor, Andy Cosslett, will be appointed to the Board as a non-executive director and Chairman-designate on 1 April 2017, formally taking over as Chairman at the conclusion of the AGM, once an orderly handover is complete.

Daniel Bernard, Chairman, said:

“We are delighted to welcome Andy to Kingfisher. He is a very experienced board director with strong branding and consumer credentials gained at companies such as Unilever, Cadbury Schweppes and InterContinental Hotels. As we are now at the end of the first year of our exciting five year transformation plan, I believe it is the right time for a new Chairman to oversee its full delivery and Andy is uniquely placed to do this. It has been a real privilege to chair this company and I wish Andy, Véronique and all the team the very best for the future.”

Véronique Laury, CEO, said:

“I would personally like to thank Daniel for his support and wise advice since my appointment as CEO two years ago. His deep understanding of retail and its necessary evolution, his passion for people and his great leadership has been so important to Kingfisher, the Board, the leadership team and of course, myself. He has supervised the new strategic thinking as well as the first successful year of transformation with challenge and dedication. I have been lucky to work with him. I now look forward to working with Andy, remaining as confident as ever in our ability to deliver our plan.”

Andy Cosslett, said:

“I am very pleased to be taking on this role at such an exciting time for the company and look forward to joining a very strong and diverse board.”

Biographical note:

Andy Cosslett’s early career was with Unilever in a variety of branding and marketing roles. He then spent 15 years at Cadbury Schweppes in senior, international roles before becoming CEO for InterContinental Hotels Group (IHG). Andy was at IHG for six years, creating value by leveraging the power of its brands alongside effecting significant transformational and cultural change. He served as CEO for Fitness First from 2012 to 2015, where he was again successfully instrumental in repositioning the brand. Since 2015 Andy has also been Operating Partner for Advent International.

Andy joined the Board of the Rugby Football Union (RFU) in April 2012 and he served as Chairman of the organising committee of the 2015 Rugby World Cup. He was appointed Chairman of the RFU in October 2016.

Enquiries:

Group Company Secretary
+44 (0) 20 7644 1041

Investor Relations:
+44 (0) 20 7644 1082

Media Relations:
+44 (0) 20 7644 1030

Teneo Blue Rubicon
+44 (0) 20 7260 2700

Source: Kingfisher

Kingfisher announces half year financial results ended 31 July 2016

LONDON, 2016-Sep-20 — /EPR Retail News/ — Sales up 2.7% and retail profit up 8.7%, in constant currencies. Underlying pre-tax profit of £436m, up 13.5%. Good early progress on ONE Kingfisher

Financial highlights

% Total Change % Total Change % LFL* Change
2016/17 2015/16 Reported Constant currency Constant currency
Adjusted sales* £5,749m £5,382m +6.8% +2.7% +3.3%
Retail profit* £464m £410m +13.1% +8.7%
Underlying* pre-tax profit £436m £384m +13.5%
Adjusted* pre-tax profit £418m £384m +8.9%
Underlying basic EPS 14.2p 12.3p +15.4%
Adjusted basic EPS 13.6p 12.3p +10.6%
Half year dividend 3.25p 3.18p +2.2%
Net cash* £898m £435m n/a

*Throughout this release ‘*’ indicates first instance of a term defined in the Glossary (section 5).
A reconciliation to statutory amounts is set out in the Financial Review (Section 4).

  • Total adjusted sales in constant currencies up 2.7% (UK & Ireland* +3.1%; France* +0.3%; Other International* +7.5%)
  • Retail profit in constant currencies up 8.7% (UK & Ireland +8.8%; France +1.6%; Other International +34.2%)
  • Underlying pre-tax profit of £436m, up 13.5% driven by UK and Poland profit growth and £17m favourable FX movements on the translation of non-sterling retail profits
  • Returned £317m of cash to shareholders year to date (£157m dividend; £160m buyback)
  • Net cash of £898m including significant working capital timing benefits

ONE Kingfisher

Good early progress and on track with first year strategic milestones:

  • Unified & Unique Offer
    • Implementing first unified ranges; sales are encouraging and cost of change in line with expectations
    • New ONE Offer & Supply Chain organisation (OSC) global functions and roles started from early June; initial set up costs lower than anticipated
  • Digital
    • Unified IT platform now in all B&Q stores (ahead of plan) with back office & supply chain underway; first Castorama France pilot store on track for Q3
  • Operational efficiency
    • B&Q store closures 80% complete: 52 to date of the 65 planned; 50 lease exits secured
    • Goods Not For Resale* (GNFR) benefits delivering earlier than plan: £12m in H1; raising FY guidance from up to £20m to up to £25m

No change to 5 year transformation cost* guidance of c.£800m:

  • Updated cost guidance for FY 2016/17: transformation P&L costs of c.£60m; transformation exceptional costs of up to £10m

Statutory reporting:

2016/17 2015/16 % Change Reported
Statutory sales* £5,749m £5,492m +4.7%
Statutory pre-tax profit £427m £386m +10.6%
Statutory post-tax profit £321m £318m +0.9%
Basic EPS 14.1p 13.6p +3.7%

Véronique Laury, Chief Executive Officer, said: “It has been a productive first half. We have delivered a good ‘business as usual’ result with both sales and profit growth. Performance has been driven by Poland and the UK, especially Screwfix, and a stable profit performance in France. This has been achieved alongside managing the start of our ambitious transformation plan, based on creating a unified company where customer needs come first.

“In the UK, the EU referendum has created uncertainty for the economic outlook, even though there has been no clear evidence of an impact on demand so far on our businesses. In France we remain cautious on the short term outlook.

“Looking longer term, we are starting to build solid foundations to enable us to deliver our five year transformation, which is our key growth driver. We are making good progress on our strategic milestones for this first year and we are on track. The level of transformation activity will increase significantly, however given the expertise and energy of our colleagues we continue to feel confident about the challenges ahead.”

Contacts:

Investor Relations
+44 (0) 20 7644 1029

Media Relations
+44 (0) 20 7644 1030

Teneo Blue Rubicon
+44 (0) 20 7260 2700

This announcement can be downloaded from www.kingfisher.com or viewed on the Kingfisher IR iPad App. We can be followed on Twitter @kingfisherplc with the half year results tag #KGFHY.

Kingfisher American Depository Receipts are traded in the US on the OTCQX platform: (OTCQX: KGFHY) http://www.otcmarkets.com/stock/KGFHY/quote

Our next announcement will be the Q3 trading update (sales only) for the period ended 31 October 2016 on 22 November 2016.

Source: Kingfisher

Kingfisher announces final results for the year ended 31 January 2016

  • Sales up 3.8% and retail profit up 7.4%, in constant currencies
  • Adjusted pre-tax profit of £686m, up 0.3%
  • Good early progress on the journey to ‘ONE’ Kingfisher

LONDON, 2016-Mar-25 — /EPR Retail News/ — 2015/16 Financial overview:

% Total Change % Total Change % LFL* Change
2015/16 2014/15 Reported Constant currency Constant currency
Adjusted sales* £10,331m £10,605m (2.6)% +3.8% +2.3%
Retail profit* £746m £742m +0.7% +7.4%
Adjusted* pre-tax profit £686m £684m +0.3%
Adjusted basic EPS 22.0p 21.3p +3.3%
Full year dividend 10.1p 10.0p +1.0%
Lease adjusted ROCE* 12.3% 11.9% +40bps
Net cash* £546m £329m n/a

* Throughout this release ‘*’ indicates the first instance of terms defined in Section 5 ‘Glossary’ of this announcement.

  • Total adjusted sales in constant currencies up 3.8% (France +1.2%; UK & Ireland +5.6%; Other International +4.8%)
  • Retail profit in constant currencies up 7.4% (France (1.6)%; UK & Ireland +18.0%; Other International +6.4%)
  • Adjusted pre-tax profit of £686m driven by strong UK profit growth, impacted by £46m adverse foreign exchange movements on the translation of non-sterling retail profits
  • Returned £432m of cash to shareholders (£232m dividend; £200m buyback)

ONE Kingfisher highlights:

  • Delivered solid progress on our first ‘sharp’ decisions e.g.
    • First wave of unifying our ‘core essential’ ranges to land in stores for customers from March 2016
    • On track to close c.15% B&Q surplus space by end of FY 2016/17 (65 stores) in over-spaced catchments; exit of leases secured on 40 of the stores
    • Unified IT platform accelerated after successful Ireland pilot
    • Goods Not for Resale (GNFR*): first wave of unified spend (£350m) progressing well. On track to land FY 2016/17
    • Established new leadership team
  • Developed detailed 5 year transformation plan focusing on 3 key pillars:
    • Unified & unique offer
    • Digital
    • Operational efficiency
  • Set ambitious 5 year financial targets
    • Expected to deliver £500m sustainable annual profit uplift by end of year 5 over and above ‘business as usual’
    • Total expected cash cost of £800m (split between capex & P&L)
    • Intend to return c.£600m of capital to shareholders over the next 3 years (£50m returned since year end), in addition to the annual ordinary dividend
  • Set operational milestones for FY 2016/17

Véronique Laury, Chief Executive Officer, said:

“This has been a very productive and important year. We have delivered a good ‘business as usual’ result with both sales and profit growth in constant currencies, driven by our performance in Poland and the UK, driven largely by Screwfix, and a stable performance in France.

“We have also delivered solid progress on the first sharp decisions announced last year. I am really pleased with the focus and the energy that the team has demonstrated during the year.

“In addition, in January we revealed our ambition and our five year plan. By putting customer needs first we will, by the end of that period, deliver a £500 million sustainable annual profit uplift, over and above ‘business as usual’. It is an ambitious plan. However based on the solid progress so far, and the competence and enthusiasm of our colleagues, we feel very confident in our ability to deliver.”

Karen Witts, Chief Financial Officer, said:

“We have set ambitious and clear five year financial targets, which will drive a considerable increase in the value of our business for shareholders. We are tracking our progress against our financial and operational milestones, and we will update as we progress.

“Our balance sheet remains strong, enabling us to continue to invest in the business and in the transformation, whilst also returning surplus capital to shareholders, in addition to the ordinary annual dividend.

“In the short term, the fundamentals of the UK economic backdrop remain positive, although we remain cautious on the outlook for France. The outlook for the wider global economy remains uncertain, and the impact of the outcome of the UK EU referendum is unknown.”

Downloads

Related links

Statutory reporting

2015/16 2014/15 % Change Reported
Statutory sales* £10,441m £10,966m (4.8)%
Statutory pre-tax profit £512m £644m (20.5)%
Statutory post-tax profit £412m £573m (28.1)%
Basic EPS 17.8p 24.3p (26.7)%

Contacts:

Investor Relations Director
+44 (0) 20 7644 1029

Media Relations
+44 (0) 20 7644 1030

Brunswick
+44 (0) 20 7404 5959

Further copies of this announcement can be downloaded from www.kingfisher.com or viewed on the Kingfisher IR iPad App available for free at the Apple App store. We can be followed on Twitter @kingfisherplc.

Kingfisher American Depositary Receipts are traded in the US on the OTCQX platform:
(OTCQX: KGFHY) http://www.otcmarkets.com/stock/KGFHY/quote

Kingfisher supports fight to stop illegal wood and products made with it from being sold on European markets

LONDON, 2016-Mar-22 — /EPR Retail News/ — As a long-term advocate of protecting the world’s forests, Kingfisher welcomes the news that the European Commission has recognised there is a problem preventing the EU Timber Regulation (EUTR) from fulfilling its purpose.

The EUTR was introduced in 2013 to prevent illegal wood (and products made with illegal wood or paper) being put on the European market. Doing so lessens demand for illegal wood and makes sustainable forestry management more attractive, which protects our forests.

The problem is that the regulation isn’t currently doing what it was designed to do. This is because each European Member State has been interpreting the regulation differently and this inconsistency can lead to unfair market distortion.

That’s why Kingfisher and a number of like-minded retailers including IKEA, M&S and Carrefour are part of the Timber Retail Coalition (TRC). We have together engaged the European Commission to understand why the EUTR isn’t currently working and what needs to happen to enable it to do what it was intended to do – stop illegal wood and wood-derived products from being sold on European markets.

Whilst it is very welcome news that the Commission has listened to what we have said and it is an important milestone to be celebrated, there is now much more that needs to happen. We are recommending three things:

  1. Uniform enforcement of the EUTR across all Member States to harmonise implementation and remove distortion in the market.
  2. Sustainable forestry certification schemes (such as FSC) to be fully recognised within the EUTR. This has the added benefit of helping businesses understand the value of these certification schemes, which help to protect the world’s forests.
  3. An impact assessment into the scope of products included in the EUTR – once a more harmonised approach to enforcement has been achieved.

You might be asking why we care about deforestation and are so proactive with this agenda? Kingfisher is particularly interested because 40% of our products contain wood or paper. We have a restorative sustainability ambition, called Net Positive, in which we have a commitment to understand where all the wood and paper we use comes from and to ensure it is all sustainably sourced. We started that journey more than two decades ago and are proud that 96% of all the products we sell are now responsibly sourced. We won’t rest until all of it is. Right now our business is impacted particularly in Romania and we need the EUTR to be effective to help us address this.

Forests make a huge financial, social and environmental contribution to our planet and there is an intrinsic link between looking after our forests and reducing the global carbon emissions that are leading to climate change.

The TRC was instrumental in campaigning for the introduction of the EUTR back in 2013 and will continue to talk to the European Commission until the regulations reach their objective of halting the trade of illegally sourced timber in Europe.

For more information about how we are embedding sustainability into all we do at Kingfisher and our commitments visit www.kingfisher.com/netpositive

SOURCE: Kingfisher plc

Media

3 Sheldon Square
Paddington
London
W2 6PX
Tel: +44 (0) 20 7372 8008
pressenquiries@kingfisher.com

Kingfisher welcomes Pierre Woreczek as its Chief Customer Officer

LONDON, 2016-Mar-02 — /EPR Retail News/ — Kingfisher, the home improvement company, is pleased to announce the appointment of Pierre Woreczek to the new role of Chief Customer Officer. He will join the business on 1 March and be a member of Kingfisher’s Group Executive. Pierre brings with him a wealth of international expertise and experience in brand, marketing, digital and data. He will help design the customer experience both online and in-store, and integrate customers’ knowledge and insight into the whole customer journey.

Pierre was previously Chief Strategy, Customer & Digital Officer at McDonald’s where he spent a total of 17 years. At McDonald’s he was responsible for strategy, research, marketing, product innovation, user experience, digital, design and construction of restaurants, as well as CSR and sustainable development. His work at McDonald’s included developing a new store service platform and the development of a customer-centric organisation built around new technologies and social networks.

Before McDonald’s, Pierre spent two years at Cadbury in France where he was general director in charge of marketing and research & development for various chocolate, sweets and chewing gum brands such as Poulain, 1848, Carambar and Hollywood.

Commenting on the appointment, Véronique Laury, Kingfisher’s Chief Executive Officer, said: “I am delighted to welcome Pierre to Kingfisher. He is a highly experienced international executive with a strong track record in marketing, operational and customer‐facing roles. I look forward to working with him as we develop the ‘ONE’ Kingfisher plan and become a single, unified company where customer needs always come first.”

Pierre Woreczek said: “This is a great opportunity to join a business at a really interesting stage in its development. I look forward to working with all the teams to continue Kingfisher’s journey to create good homes by making home improvement accessible to everyone.”

Enquiries

Kingfisher Media Relations +44 (0) 20 7644 1030

Brunswick +44 (0) 20 7404 5059

Notes to editors

Pierre Woreczek career details:

  • 2003‐2015     McDonald’s

Chief Strategy, Customer & Digital Officer, McDonald’s Europe (2010-15)

Chief Brand & Strategy Officer, McDonald’s Europe (2005-09)

Vice President, McDonald’s European Food Studio (2003-05)

  • 2001‐2003     Cadbury France, General Director, Marketing and R&D
  • 1996‐2001     McDonald’s France, Vice President, Marketing, Research & Communication
  • 1988‐1996     Jean & Montmarin (advertising agency), Associate Partner
  • 1988               Ecom & Partenaire (advertising agency), Director
  • 1981‐1987     Jacobs Suchard

Marketing Group Manager, Grand Mere Coffee

Product Manager at Jacques Vabre Coffee

 

SOURCE: Kingfisher plc

Kingfisher announces the appointment of Rakhi Parekh as non-executive director of the Company

LONDON, 2016-Feb-01 — /EPR Retail News/ — Kingfisher plc today announces the appointment of Rakhi Parekh as a non-executive director of the Company with effect from 1 February 2016 and as a member of both the Audit and Nomination Committees.

Ms Parekh is a highly experienced director in digital retailing having spent 11 years at Amazon.com in various roles from 2002-14. Most recently she was Director, UK Media at Amazon, responsible for ranges such as books, music and DVDs. She was previously Director, UK Hardlines where she was responsible for home, garden and DIY product ranges. Prior to joining Amazon Ms Parekh held roles at TomTom (wireless products) and in management consultancy in the United States.

Ms Parekh is also a non-executive director of Rightmove plc, Intu Properties plc and Be Heard Group plc (a digital marketing company).

Janis Kong will step down from the Kingfisher board on 1 February 2016 after nine years as a non-executive director.

Commenting on the changes, Daniel Bernard, Chairman of Kingfisher, said:

“I am delighted to welcome Rakhi to Kingfisher. Her range of digital skills and experience, as well as her other non-executive roles, will be of great benefit to Kingfisher and I look forward to working with her. She will further enhance our board, which already includes directors with experience gained at Apple and IKEA, among others.”

“I would also like to thank Janis for her nine years of distinguished service on the Kingfisher board. Her wise counsel has been greatly appreciated and I wish her well.”

Véronique Laury, Chief Executive Officer of Kingfisher said:

“Driving our digital capability is one of the three key pillars of Kingfisher’s transformation announced today. Rakhi’s extensive experience in digital and multichannel retailing will therefore be vital as we work to transform Kingfisher into a single, unified company where customer needs always come first.”

Enquiries

Investor Relations: +44 (0) 20 7644 1029

Media Relations: +44 (0) 20 7644 1030

Brunswick: +44 (0) 20 7404 5959

 

Kingfisher to invest £50 million in renewable energy to reduce its energy consumption by 10%

LONDON, 2015-12-2 — /EPR Retail News/ — Kingfisher, the international home improvement company, has unveiled plans to invest £50 million in renewable energy as part of a plan to reduce its energy consumption from the national grid by 10% in the next two years.

The investment will be spent on a range of renewable technologies. The roll-out of photovoltaic (PV) solar panels will commence immediately in the UK and France on distribution centres and selected stores, and is expected to be rolled-out to the majority of the 10 countries in which Kingfisher operates. Other future renewable energy sources will include air source heat pumps, combined heat and power boilers and new fuel cell generation.

The investment decision was made following the completion of a PV installation at the Screwfix head office and contact centre in Yeovil this summer, which has been performing well. More than a third of the contact centre’s power is now generated by its solar panel installation.

Kingfisher led the Net Positive movement in 2012 when it launched its ambition to do more than minimise its negative impact, redesigning its business to have a positive impact on the world. The organisation has an aspiration for every Kingfisher store and customer’s home to be zero carbon or generate more energy than it consumes by 2050 and has already reduced its property portfolio’s energy intensity by 17% – delivering its 2016 milestone ahead of schedule.

Richard Gillies, Sustainability Director for Kingfisher said: “We hope our renewables investment helps demonstrate to the world’s leaders discussing the climate deal this week that leading businesses want a sustainable future, and to see the right deal in Paris.

“This renewables investment is part of our Net Positive journey to transform our business to be a force for good. There’s plenty more we can do but business needs stability and certainty to make these types of long-term investment decisions. That’s why we need leadership in Paris – it’s the key to enabling the consistent national policies and incentives business needs to invest.”

Notes to Editors

1.    The range of renewable technology deployed will be predominately PV based but will also include a mix of: air source heat pumps; combined solar thermal with gas absorption pumps; combined heat and power boilers; and new fuel cell generation.

2.    The business has reduced its energy intensity by 17% since 2010/11.

3.    Between 4 and 10 December, Kingfisher’s retail brands, Castorama and Brico Dépôt, will have a stand at the ‘Solutions COP21’ exhibition at the Grand Palais in Paris during the COP 21 climate talks in December. The free exhibition is open to all, and will showcase the many products, services, processes and innovations either existing or under development throughout the world to fight climate change and its impact. We’ll also be helping people understand what it is they can do to reduce emissions from their homes by providing help and advice, accompanied by eco product offers in our French and UK stores.

4.    Kingfisher is a proud supporter of the We Mean Business coalition, through our membership of the Corporate Leaders Group and BSR, all looking to secure the right deal in Paris.

5.    Kingfisher plc is an international home improvement company which operates nearly 1,200 stores in 10 countries in Europe. Its main brands are B&Q, Castorama, Brico Dépôt and Screwfix. Kingfisher also operates the Koçtaş joint venture in Turkey.  The business exists to help and inspire millions of people to improve their homes and believes that because people’s homes are so central to their lives, improving their homes means improving their lives. The business employs some 79,000 people and serves nearly six million customers in store and online every week. It is dedicated to achieving growth in a sustainable way and is working to integrate sustainability into all it does so that sustainability becomes business as usual.

6.    For more information about Kingfisher and it’s Net Positive ambition visit www.kingfisher.com and www.kingfisher.com/netpositive

SOURCE: Kingfisher plc

 

###

Kingfisher to invest £50 million in renewable energy to reduce its energy consumption by 10%

Work in progress: solar panels going on the roof of the Screwfix Distribution Centre in Trentham

Kingfisher announces that it has signed the “French Business Climate Pledge”

  • In the lead up to the COP 21 climate talks in Paris, Kingfisher plc is pleased to announce that it has signed the “French Business Climate Pledge”, launched today.
  • 39 businesses have signed the pledge, demonstrating their commitment to combating climate change, to making COP 21 a success and to limiting the warming of the earth to 2°C.
  • The pledge includes aggregated commitments from these companies in terms of investments to fight against climate change, such as the use of renewable energy and the systematic reduction of greenhouse gas emissions throughout the lifecycle of their products.

39 major French companies take concrete action to combat climate change

PARIS, 2015-11-27 — /EPR Retail News/ — In the lead-up to the Paris climate summit (COP 21), 39 major French companies, employing a total of 4.4 million people worldwide and generating sales of 1,200 billion euros, have made a firm commitment to combat climate change. By signing this climate pledge, they want to contribute to making COP 21 a success and to limiting the warming of the Earth to 2°C. They emphasize their driving role and leadership in the fight for a more sustainable world.

Active since many years, these companies are taking concrete steps to reduce their carbon footprint through:

  • The use of active and passive energy efficiency solutions,
  • The use of renewable energy, notably hydro, wind or solar energy,
  • The systematic reduction of greenhouse gas emissions throughout the life cycle of their products,
  • The development of new low-carbon materials and solutions,
  • The reduction of food waste and packaging,
  • The adoption of long-term investment strategies actively promoting the energy transition.

From 2016 to 2020, the 39 companies plan to invest at least 45 billion euros in industrial projects and R&D devoted to renewable energy, energy efficiency and other low carbon technologies. Over the same period, they also intend to provide bank and bond financing of at least 80 billion euros for projects contributing to the fight against climate change.

In addition, they foresee low carbon investments of 15 billion euros in new nuclear capacities and investments of 30 billion euros in natural gas as energy transition solution, planned over the next five years.

THE SIGNATORIES

Augustin de Romanet, chairman and chief executive officer of Aéroports de Paris

Patrick Kron, chairman and chief executive officer of Alstom

Philippe Varin, chairman of the AREVA board of directors

Thierry Le Hénaff, chairman and chief executive officer of Arkema

Vianney Mulliez, chairman of the Auchan supervisory board

Jean-Philippe Puig, managing director of Avril

Henri de Castries, chairman and chief executive officer of Axa

Jean-Laurent Bonnafé, chief executive officer of BNP Paribas

Georges Plassat, chairman and chief executive officer of Carrefour

Philippe Brassac, chief executive officer of Crédit Agricole SA

Emmanuel Faber, chief executive officer of Danone

Jean-Bernard Lévy, chairman and chief executive officer of EDF

Max Roche, chief executive officer of Eiffage

Philippe Salle, chairman and chief executive officer of Elior

Gérard Mestrallet, chairman and chief executive officer of Engie

Jean-Charles Decaux, chief executive officer of JCDecaux

François-Henri Pinault, chairman and chief executive officer of Kering

Véronique Laury, chief executive officer of Kingfisher

Bruno Lafont, co-chairman of the LafargeHolcim board of directors

Philippe Wahl, chairman and chief executive officer of Groupe La Poste

Gilles Schnepp, chairman and chief executive officer of Legrand

Jean-Paul Agon, chairman and chief executive officer of L’Oréal

Jean-Dominique Senard, chairman of Michelin

Stéphane Richard, chairman and chief executive officer of Orange

Maurice Lévy, chairman of the Publicis Groupe board of directors

Elisabeth Borne, chairwoman and chief executive officer of RATP

Rudy Provoost, chairman and chief executive officer of Rexel

Pierre-André de Chalendar, chairman and chief executive officer of Saint-Gobain

Olivier Brandicourt, chief executive officer of Sanofi

Jean-Pascal Tricoire, chairman and chief executive officer of Schneider Electric

Denis Kessler, chairman and chief executive officer of SCOR SE

Guillaume Pépy, chairman of the SNCF

Frédéric Oudéa, chief executive officer of Société Générale

Jean-Pierre Clamadieu, chairman of Solvay’s Executive Committee and Solvay’s CEO

Jean-Louis Chaussade, chief executive officer of Suez

Patrick Pouyanné, chairman of Total’s Executive Committee and Total’s CEO

Jacques Aschenbroich, chief executive officer of Valeo

Antoine Frérot, chairman and chief executive officer of Veolia

Xavier Huillard, chairman and chief executive officer of Vinci

Read the announcement in French

Download the English announcement

Kingfisher – our concrete commitments

Kingfisher and its retail brands commit to tackling climate change

Kingfisher plc is an international home improvement company which operates nearly 1,200 stores in 10 countries in Europe. Its main brands are B&Q, Castorama, Brico Dépôt and Screwfix. Kingfisher also operates the Koçtaş joint venture in Turkey.

The company has an ambition to bring a positive contribution to the environment: creating economic, social and environmental value by fully integrating sustainability into business as usual.

Kingfisher’s convictions

That’s why, in the frame of the discussions around COP 21, Kingfisher strongly states :

  • Its support in favour of a 2C-compliant low carbon economy
  • Its belief that the low carbon agenda is good for business and the wider economy ;
  • Its wish to support low carbon innovations, especially in the fields of its business.

Kingfisher’s commitments

Kingfisher believes it can fight against climate change with every day, affordable, products, while reducing its own carbon footprint. That’s why the business has made the following commitments by 2020:

  • To actively fight deforestation, achieve 100% responsibly sourced timber (certified or recycled) – the organization has already reached 92% ;
  • To reduce the environmental footprint of stores, by decreasing energy consumption by 45% (from a 2010/11 baseline) – so far the business has reduced by 17%;
  • To enable customers to make their home more comfortable, affordable and sustainable, Kingfisher’s retail brands have developed a quality offer in terms of products and services, at an affordable price with an ambition to enable customers to save 38 TWh – so far customers have saved 8.6 TWh through purchasing Kingfisher products and services

More broadly, the company has set the objective of a 25% reduction of its absolute CO2 emissions by 2020.

Outreach actions

To contribute to awareness-raising amongst stakeholders about fighting against climate change, Kingfisher has launched several initiatives:

  • Joining several business campaigns calling for an ambitious agreement on climate;
  • Communicating to customers the importance of climate change and about the concrete solutions offered;
  • Raising awareness amongst employees; .
  • Sharing with the public our commitments at « Solutions COP 21 » at the Grand Palais from December 4th to 10th.

Media
3 Sheldon Square
Paddington
London
W2 6PX

Tel: +44 (0) 20 7372 8008
pressenquiries@kingfisher.com

Nigel Cope
Head of Media Relations
Tel: +44 (0) 20 7372 8008
nigel.cope@kingfisher.com

Clare Feast
Media Relations Manager
Tel: +44 (0) 20 7372 8008
clare.feast@kingfisher.com

SOURCE: Kingfisher plc

Kingfisher: survey across Europe shows 85 per cent support for better laws that ensure the legality of wood products on the market

LONDON, 2015-9-28 — /EPR Retail News/ — Kingfisher plc, in conjunction with over 60 other timber-related business and seven trade federations, has signed an industry statement to secure measures to make the EU Timber Regulation (EUTR) fully effective across the EU. Timber is an essential raw material for our business, used in up to 40% of the products we sell. All of our responsibly sourced timber is independently audited by recognised certification schemes, like FSC and PEFC. We’ve reached 92% responsibly sourced timber in the products we sell and we’re working towards 100%. WWF’s press release is below, along with a link to the Industry Statement on the right hand side of this page.

Consumers and industry want tighter EU rules to tackle illegal timber

A survey of consumers across Europe shows high support (85 per cent) for better laws that ensure the legality of wood products on the market. Major timber-related businesses in Europe, from producers to retailers, have also signed a new statement to the European Commission calling for the EU to tighten the current rules on illegal timber use.

The EU Timber Regulation, or EUTR, is designed to keep illegally sourced timber out of the marketplace, and is under review by the European Commission in Brussels.

A poll commissioned by WWF in nine countries (UK, Germany, Italy, France, Sweden, Netherlands, Portugal, Belgium and Romania) showed that three quarters of the respondents did not know products made from illegal timber could still be bought in the EU. 85 per cent said it was important to them that measures be put in place to make sure people couldn’t buy products made from illegal wood.

A similarly high number (82 per cent) wanted the EU to implement the law more consistently across EU nations, and 78 per cent thought the laws should cover all wood-based products. Currently, the EUTR does not include items such as chairs, toys, books, musical instruments, charcoal, wine racks, clothes pegs, and many more.

In a statement issued to the European Commission, 63 timber-related companies and seven trade federations say that not only does illegal logging ‘pose a significant threat to global forest resources, it also contributes to deforestation, causes loss of biodiversity and erodes the rule of law’. The signatories want sufficient resources made available to enforce the regulation consistently across the EU and a coherent approach towards its interpretation.

WWF has been working to raise awareness of the further measures needed to make the EUTR fully effective, and welcomes the industry support at a time when the legislation could be improved.

Anke Schulmeister, senior forest policy officer at WWF’s European Policy Office, said “We are pleased to see this business and public support for a stronger regulation, and the drive for the law to include all products that could be made using illegal timber. Currently less than half (by value) of the products entering the EU are covered by the EUTR.”

“Deforestation and habitat destruction continues, and illegal timber can end up in our books, toys and chairs. We must act now, during this review of the laws, to ensure we protect our forests.”

Ends

Kingfisher and the Timber Retail Coalition

Kingfisher, IKEA, Marks & Spencer and Carrefour formed the Timber Retail Coalition (TRC) in support of measures to curb illegally harvested timber and to ensure that EU regulations are effective and workable. TRC members believe that customers of timber and timber products want to know that the wood they buy is legal, responsibly sourced and sustainable.  Its members have come together to raise awareness of the need for clear and workable practices to be in place so that customers can be confident this is the case.  These practices should be based on a combination of voluntary and statutory arrangements.

The TRC will campaign at all levels of government in the EU to ensure that regulation is both effective and workable.  It will also engage with other companies which use timber and with relevant Non-Governmental Organisations. TRC members have worked together in support of the introduction of European Union-wide regulation based on market-proven ‘Due Diligence’ mechanisms, with a robust compliance and enforcement regime in place, to ensure minimum ethical standards for all timber and wood products sold in the EU.

Although the TRC companies already implement extensive voluntary measures, appropriate legislation will help to create a more level playing field in the supply chain and marketplace.

SOURCE:  Kingfisher plc

Kingfisher supporting partner of the Specsavers everywoman in Retail Ambassadors’ ceremony

LONDON, 2015-9-18 — /EPR Retail News/ — Kingfisher plc is a supporting partner of the Specsavers everywoman in Retail Ambassadors’ ceremony being held tonight at Claridges in central London.

The everywoman in Retail Ambassador Programme each year recognises 12 outstanding women in retail. The Ambassadors are at all stages of their careers and include high-performers, those who inspire success in others and exceptional team leaders. 

In 2014, Clare Wardle, Kingfisher’s Group General Counsel and Company Secretary, was named as an everywoman in Retail Ambassador for inspiring success in others. In 2013 Clare established the Kingfisher Women’s Network. Involving both men and women from across the company, the network aims to help women across the company to achieve their potential. Clare is also a mentor to women both within and outside of Kingfisher. Prior to working at Kingfisher, Clare rose the ranks quickly to hold senior legal positions at Tube Lines, Post Office and Royal Mail.

Commenting on championing women in the workplace, Clare said: “Whilst you can argue that companies should be able to see the value of women in business without specs, these awards are a brilliant concept because they showcase what success can look like at all ages and stages of a career in retail.”

“It is important that everyone is encouraged to reach their full potential, and I am particularly passionate about helping women find ways to do that. It can be as simple as reminding someone of how their body language is perceived by others, to helping someone to expand their network or becoming a mentor.”

“Women account for half our customers and make around three quarters of home improvement decisions. Over 40% of Kingfisher’s main board are women and we recognise the importance of building a pipeline of management talent. We are therefore proud to support this important event championing women in retail.”

Clare’s advice on reaching your potential

  • Believe in yourself – If you back yourself you will get there.
  • Enjoy what you do – At job interviews, think about what those people will be like to work for.
  • Go for it – When faced with a potentially challenging but attractive opportunity, instead of thinking ‘I probably couldn’t do that’, think ‘maybe I’d like to do that’. Don’t fall back into your comfort zone.
  • Use your network inside and outside of work – The role I had at Tube Lines, and the role I have at Kingfisher, was the result of a connection I’d made some time before. If you don’t know what to do next, reach out and ask someone who has. Most people are incredibly generous with their time and advice.
  • Learn from your mistakes – don’t let them deter you from trying something new.

Most memorable piece of advice received 

“I wanted to be more effective in the boardroom. I was told simply to ‘sit up straight, don’t put your head on one side and look them in the eye’. It worked. Sometimes we just need to look a bit tougher.”

Watch an interview with Clare Wardle, filmed after the 2014 everywoman in Retail Ambassador Programme event  http://www.londonlive.co.uk/news/2014-10-30/women-who-clare-wardle-a-champion-of-the-board-room

Media
3 Sheldon Square
Paddington
London
W2 6PX

Tel: +44 (0) 20 7372 8008
pressenquiries@kingfisher.com

Nigel Cope
Head of Media Relations
Tel: +44 (0) 20 7372 8008
nigel.cope@kingfisher.com

Isabelle Thomas
Media Relations Manager (Interim)
Tel: +44 (0) 20 7372 8008
isabelle.thomas@kingfisher.com

SOURCE: Kingfisher plc

Kingfisher donates £50,000 to UNICEF’s ‘Syria Children’s emergency appeal’

Westminster, UK, 2015-9-16 — /EPR Retail News/ — Kingfisher, the international home improvement company, has today donated £50,000 to UNICEF’s ‘Syria Children’s emergency appeal’ to support their vital work to save and protect Syrian Children.

Kingfisher believes that homes are central to people’s lives and with almost two million Syrian children having been forced to flee their homes, the company has made the donation on behalf of all its retail brands; B&Q, Screwfix, Castorama, Brico Dépôt and Koçtaş.

UNICEF’s mission is to reach every child in danger and is working across the globe to support the survival and development of children on the move. It is one of the few organisations working inside Syria and delivering vital aid to children and families in the surrounding regions. At least a quarter of those seeking refuge in Europe are children, with more than 100,000 of them claiming asylum in the first half of this year. By far the largest number of those refugees right now are from Syria.

About UNICEF
To read more about UNICEF’s aid work for children in danger and it’s Syria Children’s appeal, please go to www.unicef.org.uk

About Kingfisher
Kingfisher plc operates over 1,200 stores in 10 countries across Europe. Its main retail brands are B&Q Castorama, Brico Dépôt and Screwfix. Kingfisher also operates the Koçtaş brand, a 50% joint venture in Turkey with the Koç Group.

Kingfisher given the seal of approval by the design industry after receiving several awards for innovative product design

LONDON, 2015-7-17 — /EPR Retail News/ — Kingfisher, the international home improvement company, has been given the seal of approval by the design industry after receiving several awards for innovative product design. In France, the jury of the ‘Observeur du Design’ 2016 Awards gave a winner’s ‘label’ to four of Kingfisher’s products, including a MacAllister lawnmower with sliding handles and a cordless hammer drill. In a separate competition in Germany, Kingfisher scooped the coveted ‘Winner of the Red Dot Product Design Award’ for 2015 for its Verve range of garden cutting tools.

Commenting on the awards, Arja Taaveniku, Kingfisher’s Chief Offer and Supply Chain Officer, said:  “We are delighted to have been recognised internationally for our product design and I congratulate our Kingfisher sourcing and offer teams for their work with these ranges. Developing a unique, leading and effective offer is central to our plans to create a single, unified company where customer needs come first. This is an exciting time for Kingfisher and we are working hard on the next phase of product development, including a unique garden and bathroom offer that will be sold across Europe.”

The winning products were as follows:

‘Observeur du Design’ label 2016

MacAllister sliding handle lawnmower – light and easy to manoeuvre, the retractable sliding handle and foldable grass collector make it easier to store. Available in Castorma France and Poland, B&Q UK, Brico Depot Spain, Koçtaş Turkey

MacAllister cordless hammer drill – Easy to manipulate. Incorporates three LED lights to give better visibility. 3 in 1 function: Screwdriver, Drill and Pneumatic hammer. Visible Rotation enables the user to see whether the drill is screwing or unscrewing. Available in Castorama France

Sealmate – sealant applicator. Easy grip and comfortable to use. The silicone container gives the user better control of the mortar flow and the nozzle provides better precision during application (reducing wastage). Available in Castorama Poland, Castorama France (from July 2015)

The Door Chime DC7 – With a 100 m operating range, this wire free doorbell alerts you when someone is at the door even if you are in the garden thanks to its rechargeable portable unit. Charger function (smartphones, tablets etc.), four sounds, a flash light (silent signal) and vibration signal. Available in B&Q UK and Castorama France

These four products will be exhibited at the Cité des Sciences in Paris for a year from December 2015.

‘Red Dot Product Design Award’ 2015

Verve range of cutting tools for gardens

Verve cutting tools. These garden loppers use fiberglass technology and have an integrated multi-level gearing system to improve the cutting ability of the carbon steel blades. Ergonomic handles and the non-skid material increases safety. Available at B&Q UK and Castorama France

On the Verve winning entry the Red Dot international jury commented: “These cutting tools establish themselves as a functionally sophisticated product solution. The high-grade materials ensure efficient and comfortable work in the garden.’”

For more details contact:

Isabelle Thomas
0207 644 1286

About Kingfisher
Kingfisher plc is a leading European home improvement retailer which operates over 1,100 stores in 10 countries in Europe. Its main retail brands are B&Q, Castorama, Brico Dépôt and Screwfix. Kingfisher also operates the Koçtaş brand, a 50% joint venture in Turkey with the Koç Group

For more information about Kingfisher plc and our own brand portfolio go to www.kingfisher.com.

About the Observeur du Design
Supported by the International Council of Societies of Industrial Design (ICSID) and by the French Ministry of Economy, Industry and Digital, the awards celebrate good design practices, raise awareness of design as a key differentiator and as a source of alternatives for the future. The Observeur du Design accredits products, services or spaces, that are innovative, ambitious and prospective and celebrate good design practices. http://www.apci.asso.fr/observeur

About the Red Dot Awards
The Red Dot Design Award is an international product design, communication design and design concept prize awarded by the Design Zentrum Nordrhein Westfalen in Essen, Germany. The Red Dot is an internationally recognised quality seal and not only the largest and most recognised product competition in the world, but also the most international. The competition is open to several fields of manufacturing, including but not limited to furniture, home appliances, machines, cars and tools. The winning products are presented in the Red Dot design museum in Essen. http://en.red-dot.org/

Kingfisher preliminary results for the year ended 31 January 2015: Sales up 2.9%; UK & Ireland +5.5%

LONDON, 2015-3-31 — /EPR Retail News/ — Sales up 2.9%, adjusted pre-tax profit of £675m, down 7.5%. New CEO outlines plans to organise Kingfisher very differently and announces her first ‘sharp’ decisions on the journey to ‘ONE’ Kingfisher

2014/15 Financial overview:

% Total Change % Total Change % LFL* Change
2014/15 2013/14 Reported Constant currency Constant currency
Sales* £10,966m £11,125m (1.4)% +2.9% +0.5%
Retail profit* £733m £779m (5.9)% (1.6)%
Adjusted* pre-tax profit £675m £730m (7.5)%
Adjusted basic EPS 20.9p 22.8p (8.3)%
Full year dividend 10.0p 9.9p +1.0%
Net cash* £329m £238m n/a

* Throughout this release ‘*’ indicates the first instance of terms defined in Section 5 ‘Glossary’ of this announcement.

2014/15 highlights

  • Total sales in constant currencies up 2.9% (France -1.0%, UK & Ireland +5.5%, Other International +5.0%)
  • Adjusted pre-tax profit of £675m impacted by a slower market in France since summer 2014, £34m adverse foreign exchange movements on the translation of non-sterling profits and £22m charges for new country development activity
  • Year end net cash of £329m is after £275m capital investment and £434m of cash returned to shareholders
  • Appointed new Chief Executive Officer in December 2014, new initiatives underway on the journey for ‘ONE’ Kingfisher

Commenting on the strategic update:

Véronique Laury, Chief Executive Officer, said:

“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 organise ourselves very differently to unlock our potential. This will involve taking what is essentially a locally managed set of businesses and creating instead a single, unified company where customer needs come first. The first step in developing this new organisation is the creation of a new, international leadership team with more focused cross-company roles.

“We have a lot to do and we are announcing today a set of first ‘sharp’ decisions which are already underway including the closure of around 15% surplus B&Q space (c.60 stores) and our few loss making stores in Europe, the development of unified garden and bathroom businesses and the start of a Big Box revitalisation programme across Europe.

“In addition, we will be developing our detailed plans for the wider reorganisation of the company as we progress on this exciting journey towards becoming ‘ONE’ Kingfisher.”

Karen Witts, Chief Financial Officer, said:

“We believe our plans will drive an increase in the value of our business for shareholders, with improved financial metrics through higher sales and lower costs, whilst at the same time optimising the generation and use of cash. 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.”

Downloads

Related links

Statutory reporting

2014/15 2013/14 % Change Reported
Statutory pre-tax profit £644m £759m (15.2)%
Statutory post-tax profit £573m £710m (19.3)%
Basic EPS 24.3p 30.0p (19.0)%

Contacts:

Sarah Levy, Group Investor Relations Director
+44 (0) 20 7644 1032

Christian Cowley, Head of Investor Relations
+44 (0) 20 7644 1126

Nigel Cope, Head of Media Relations
+44 (0) 20 7644 1030

Giles Hartley, Investor Relations Manager
+44 (0) 20 7644 1082

Brunswick
+44 (0) 20 7404 5959

Further copies of this announcement can be downloaded from www.kingfisher.com or viewed on the Kingfisher IR iPad App available for free at the Apple App store. We can be followed on Twitter @kingfisherplc.

Kingfisher American Depository Receipts are traded in the US on the OTCQX platform: (OTCQX: KGFHY) http://www.otcmarkets.com/stock/KGFHY/quote

Kingfisher acquisition of Mr Bricolage will not proceed further

LONDON, 2015-3-31 — /EPR Retail News/ — On 23 July 2014 Kingfisher entered into a binding agreement with the principal shareholders of Mr Bricolage to acquire their shareholdings subject to satisfactory anti-trust clearance. This agreement made provision that it would lapse if the anti-trust clearance was not obtained by 31 March 2015 although an extension could be agreed by all parties. Kingfisher notes the statement of the ANPF (an organisation controlled by Mr Bricolage’s franchisees holding 41.9% of the share capital of Mr Bricolage) dated 27 March 2015 which cites their decision to refuse any extension of the 31 March 2015 deadline.

Therefore, notwithstanding Kingfisher’s efforts to pursue the completion of the transaction, and in light of the positions expressed to date by the ANPF and Mr Bricolage, the anti-trust clearance will not be obtained by 31 March 2015 and therefore the July 2014 agreement will lapse on that date.

Consequently the transaction will not proceed. Kingfisher is considering all of its options.

Enquiries

Investors
+(44) 20 7644 1032

Media
+(44) 20 7644 1030

French media
+(33) 6 09 24 42 42

Kingfisher executive director Kevin O’Byrne to step down from the Board on 15 May 2015

LONDON, 2015-3-31 — /EPR Retail News/ — In accordance with Listing rule 9.6.14(2), Kingfisher plc today announces that Kevin O’Byrne, an executive director of the Company, is to step down from the Board and leave the business on 15 May 2015. Mr O’Byrne will remain in his current role as CEO for B&Q UK & Ireland until this time allowing a smooth handover of his responsibilities, further details of which will be announced in due course.

Mr O’Byrne joined the Board in September 2008 as Group Finance Director where he played a key role in transforming the Group’s cash position during the financial crisis. In 2012 he became Divisional CEO of the Group’s interests in Turkey, China, Germany and the UK & Ireland. In 2013 he took full responsibility for running B&Q UK & Ireland.

Véronique Laury, Kingfisher’s Chief Executive Officer, said:

“I would like to thank Kevin for his contribution to Kingfisher over the last six years. He has played an important part in the development of the company over that time and I wish him well in the future.”

Kevin O’Byrne, CEO B&Q UK & Ireland said:

“I want to thank all the team at Kingfisher and in particular B&Q. It has been a privilege to work with so many passionate and talented people at Kingfisher and B&Q. The team at B&Q have created a stronger business over the last few years and I wish them, and all of Kingfisher, great success in the coming years.”

Media
3 Sheldon Square
Paddington
London
W2 6PX

Tel: +44 (0) 20 7372 8008
pressenquiries@kingfisher.com

Kingfisher issues statement regarding Kingfisher’s potential acquisition of Mr Bricolage

LONDON, 2015-3-26 — /EPR Retail News/ — Kingfisher notes the suspension of the shares of Mr Bricolage on the French stock exchange. Kingfisher has been working with the Board and major shareholders of Mr Bricolage in relation to the outstanding condition surrounding Kingfisher’s potential acquisition of Mr Bricolage.  Kingfisher has been made aware that both the majority of the Board of Mr Bricolage and the ANPF, a major shareholder of Mr Bricolage, have reservations in relation to the transaction but has yet to receive clarification of their positions. The Tabur family, another major shareholder and signatory to the agreement, has confirmed that they remain committed to the transaction.

The implications for the transaction are currently uncertain. Kingfisher will update investors in due course.

Enquiries

Investors +(44) 20 7644 1032
Media +(44) 20 7644 1030

Kingfisher joins some of the biggest companies in the world to launch global digital platform to drive conversation and action on sustainability

LONDON, 2014-10-16— /EPR Retail News/ — A coalition of the world’s biggest companies and non-profits have launched a global digital platform to drive conversation and action on sustainability.

Collectively, will celebrate and connect the people, places and cutting-edge ideas that are shaping the future. It will focus on giving a global stage to audiences who are already starting to make life choices that strengthen society, as well as minimising their environmental impact. Their desire for workplaces, brands and organisations that align with those values helped inspire this collaboration. The ultimate aim is to make sustainable living the new normal.

Collectively brings together global sustainability non-profit Forum of the Future with some of the biggest companies in the world. Kingfisher, Unilever,  BT Group, The Coca-Cola Company, Marks & Spencer, Carlsberg, Google, Facebook, Microsoft, McDonalds, Nike, PepsiCo and Nestlé to name but a few, are already in and are keen to broaden the coalition to NGOs, youth organisations and other brands.

Collectively is designed to enable audiences to act more sustainably in whatever way they can – from buying, investing and campaigning to sharing an idea they believe in. It represents a unique new approach to the way businesses engage consumers on sustainability, which it is hoped will grow the marketplace for sustainable products and services.

Will Gardner, CEO, Collectively, said:

“Encouraging people to choose to live, work and play sustainably on a scale that will genuinely make a difference is one of the world’s biggest challenges. We hope to change that through Collectively. It’s a place to share stories, inspire each other and create the change we need to see in the world. Collectively brings together some of the world’s biggest brands, non-profits and leading social entrepreneurs because we believe that together we can achieve much more, much faster.”

Richard Gillies, Group Sustainability Director, Kingfisher, said:

“People often ask me how you encourage businesses to increase their sustainability offer and the answer is straight forward – increase demand for it.  Sadly, there isn’t a silver bullet to do that or we’d have cracked it by now but making this agenda engaging, desirable and affordable for people is key.  We’re a proud supporter of Collectively and are confident that the editorial independence of the site, which will offer inspiring and engaging content, has the potential to create positive change and make sustainable living the new normal.”

For further information about Kingfisher’s involvement please contact Annabel Ward on 0207 896 3214 or email netpositive@z-pr.com 

Notes to Editors

About Collectively
Collectively is a non-profit editorial platform, developed alongside VICE Media’s creative services division, VIRTUE, global sustainability non-profit Forum for the Future, and Purpose, leaders in building social movements. The independent editorial team will update the site with stories, information and solutions from the worlds of home, fashion, food, design, architecture, technology and more. The platform’s audience will also be encouraged to submit ideas for the channel around a series of themes that will be regularly refreshed such as healthy homes and the smartest city. Only highly engaging stories with the potential to create positive change will be featured. The original idea for Collectively was sparked by discussions at the World Economic Forum about how to inspire and accelerate the shift towards a more sustainable way of life.

Sponsors to date include:
Audi; BT Group; C&A Foundation; Carlsberg; Diageo; Facebook; General Mills; Google; Havas; IPG;  Johnson & Johnson Family of Consumer Companies; Kingfisher; Lenovo; Marks & Spencer; McDonalds; Medialink; Microsoft; Nestlé;  Nike; Omnicom; PepsiCo; Philips; SABMiller; Salesforce; The Coca Cola Company; The Dow Chemical Company; Twitter; Unilever; WPP.

For more information on Collectively:

Visit http://www.collectively.org/

Contact Golin:
Shona Inglis / Melissa Mackreath / Thomas Parker
+44 (0) 20 7067 0619 / +44 (0) 20 7067 0876 / +44 (0) 207 067 0288 collectively@golin.com

Follow Collectively:

facebook.com/collectively

twitter.com/_collectively

instagram.com/_collectively

youtube.com/collectively

collectively.tumblr.com

Sir Ian Cheshire to be succeeded by Ms Véronique Laury as Kingfisher Group Chief Executive

LONDON, 2014-9-10 — /EPR Retail News/ — Kingfisher announces Group Chief Executive succession plan. Sir Ian Cheshire to be succeeded by Ms Véronique Laury, Chief Executive of Castorama France, before the end of the current financial year.

Kingfisher plc, Europe’s largest home improvement retailer, today announces that Sir Ian Cheshire will step down as Group Chief Executive before the end of the current financial year and retire from the Board on 31 January 2015.

This decision, reached during the regular succession discussions between the Board and Sir Ian, recognises that the next phase of Kingfisher’s evolution requires a significant leadership commitment and continuity. The next five years will be particularly busy as we deliver Group-wide best in class IT systems and omnichannel capabilities, expand Screwfix and Brico Dépôt into new markets, complete our common brands programme and, subject to completion, integrate Mr Bricolage with Kingfisher’s businesses in France.

With this in mind and with Sir Ian having already served 16 years in the business, 14 years on the Board and nearly seven as Group Chief Executive, all parties believed it was best to clarify succession sooner rather than later. Accordingly, Sir Ian will hand over the role of Group Chief Executive to Ms Véronique Laury following a hand over process in the coming months. Ms Laury has been with Kingfisher for 11 years and is currently Chief Executive of the Castorama business in France. She is a member of the Group Executive Committee and will join the Kingfisher plc Board ahead of taking up her new role.

Daniel Bernard, Kingfisher Chairman said: “It has been a pleasure to work with Sir Ian, and on behalf of the Board and our colleagues I want to thank him for his successful leadership. He has transformed Kingfisher into a stronger business with a bright future during a difficult economic time. During his tenure as Group Chief Executive Kingfisher’s reported sales grew 23%, adjusted profit before tax doubled and Kingfisher’s market capitalisation increased by £3.8 billion (+112%). Furthermore, £1.6 billion of financial net debt was eliminated leaving the business strong enough to commence a capital return programme to our shareholders in 2014, the first in Kingfisher’s history. He also leaves a strong sustainability legacy in Net Positive and an impressive management cadre throughout the business.

“Our strategy of making home improvement easier for our customers whilst creating competitive advantage from our international scale and know-how, known as ‘Creating the Leader’ is the right one and we are more determined than ever to successfully execute this strategy and deliver profitable growth for our shareholders. Following a rigorous review of candidates, internally and externally, the Board believe Ms Laury is uniquely qualified to lead the business on the next leg of its journey. She is an outstanding retailer, with 26 years’ experience of home improvement retailing in France and the UK. She is passionate about helping customers have better homes and we are delighted that she has agreed to provide the leadership, pace and drive to deliver our strategy.”

Sir Ian Cheshire, Group Chief Executive said “It has been a privilege to lead Kingfisher and I am proud of our achievements. My primary aim on becoming Group Chief Executive almost seven years ago was to deliver a step change in the value of the business for our shareholders and I am delighted that this aim has been achieved. Having taken over the leadership role in the depths of the financial crisis I am proud that the Kingfisher of today is a much stronger business, with a more profitable and sustainable model. I owe a huge debt of thanks to all the 79,000 colleagues worldwide who helped make this happen. Looking ahead we have a clear path to follow. Helping our customers to have ‘Better Homes, Better Lives’ whilst driving further international integration and expanding our reach will deliver profitable growth in the future. Now is the right time to hand over to a new leader and I am delighted that Véronique, who I have worked closely with for over 11 years and know is superbly qualified for the job, has agreed to take over from me. I wish her and all our colleagues across the Group continued success.”

Ms Véronique Laury, Group Chief Executive Designate said “Kingfisher is a strong business, well positioned in the home improvement market and I am delighted and honoured to be appointed as Group Chief Executive. Building on Sir Ian’s legacy we will reinforce our purpose to support those who want to improve their homes. In addition we will continue to create value for our shareholders.”

Notes to editors

Sir Ian Cheshire, joined Kingfisher in 1998 and joined the Board in June 2000. He has held several major roles including Director of Strategy & Development, CEO of e-Kingfisher, CEO International & Development and CEO B&Q UK & Ireland. He was made Group Chief Executive in January 2008. During his tenure as Group Chief Executive reported sales grew 23%, adjusted profit before tax increased 108% (from £357 million to £744 million) and Kingfisher’s market capitalisation increased by £3.8 billion (+112%). Over £1.6 billion of financial net debt was eliminated leaving the business financially strong enough to commence a capital return programme in 2014, the first in Kingfisher’s history. (Note: financial results cover the period 3 February 2008 to 1 February 2014. Market capitalisation figures reflect the period 3 February 2008 to 9 September 2014)

Ms Véronique Laury has worked in home improvement retailing for 26 years. She joined Kingfisher 11 years ago and has held several key roles including Commercial Director for Castorama France, where she was a key architect of the new ranges, new merchandising approach and modern store format that have made Castorama such a success. She has also been Kingfisher’s Group Commercial Director, where she developed and launched our Group-wide common own brands such as Blooma and MacAllister. And before returning to France as CEO of Castorama she was Commercial Director of B&Q UK & Ireland. Prior to joining Kingfisher she spent 15 years with other leading French DIY retailers.

Kingfisher plc is Europe’s leading home improvement retail group and the third largest in the world, with 1,157 stores in ten countries in Europe and Asia. Its main retail brands are B&Q, Castorama, Brico Dépôt and Screwfix. Kingfisher also operates the Koçtaş brand, a 50% joint venture in Turkey with the Koç Group.

Our unique contribution as a business to our customers is that we can harness our home improvement experience, our heritage as a leader in sustainability and our international scale to bring new, more sustainable and more affordable products to market. By also providing our customers with project advice and new shopping channels to complement our stores we will make it easier for them to adapt their homes to their evolving lifestyles. Our shorthand for describing this purpose is “Better Homes, Better Lives” and the programme of self-help initiatives to achieve this purpose is called‘Creating the Leader’.

Net Positive is our approach to business. We aim to have a positive impact on people and communities, be restorative to the environment, become carbon positive, waste nothing and create wealth.

The Group Executive Committee is responsible for the overall strategic decision-making of the Group. It currently consists of seven senior managers, including the Group Chief Executive who chairs the meetings.

ENQUIRIES

Ian Harding, Group Communications Director
+44 (0)20 7644 1029

Sarah Levy, Director of Investor Relations
+44 (0)20 7644 1032

Nigel Cope, Head of Media Relations
+44 (0)20 7644 1030

Matt Duffy, Investor Relations Manager
+44 (0)20 7644 1082

Brunswick
+44 (0)20 7404 5959

Kingfisher reports half year total sales up 0.9% and flat adjusted pre-tax profits of £364 million

LONDON, 2014-9-10 — /EPR Retail News/ — Kingfisher reports half year total sales up 0.9% (+1.8% LFL) and flat adjusted pre-tax profits of £364 million after the negative impact of foreign exchange translation. Kingfisher also announces Group Chief Executive succession plan. Sir Ian Cheshire to be succeeded by Ms Véronique Laury, Chief Executive of Castorama France, before the end of the current financial year. See separate RNS.

Group Financial Summary

26 weeks ended 2 August 2014

% Total Change % Total Change % LFL* Change
2014/15 2013/14 Reported Constant currency Constant currency
Sales* £5,768m £5,716m +0.9% +4.6% +1.8%
Retail profit* (1) £390m £390m Flat +3.3%
Adjusted* pre-tax profit (1) £364m £364m Flat
Adjusted basic EPS (1) 11.3p 11.3p Flat
Statutory pre-tax profit £375m £401m (6.5)%
Statutory post-tax profit £277m £440m (37.0)%
Basic EPS 11.8p 18.7p (36.9)%
Interim dividend 3.15p 3.12p +1.0%
Net cash* £496m £259m n/a

*Throughout this release ‘*’ indicates the first instance of terms defined in Section 5 ‘Glossary’ of this announcement.
(1) 2013/14 comparatives restated to reflect disposal of Hornbach (see note 2 in part 2 to this announcement)

First half highlights in constant currencies:

  • Reported Group retail profit of £390m impacted by £12m adverse foreign exchange movements when translating overseas profits into sterling
  • Group retail profit ahead 3.3% in constant currencies, after development costs of £11m in our new markets – Portugal, Germany & Romania. Underlying retail profit, excluding these development costs, was up 6.0%
  • Total sales in France grew 0.4% and profit was flat. The ongoing slow economy and declining housing market impacted our performance, particularly for our more construction orientated Brico Dépôt business
  • UK & Ireland sales were up 6.6% (+4.4% LFL) and retail profit was up 17.7%, benefiting from initiatives to re-energise B&Q and better demand for trade products as housing construction and activity improved. The B&Q strategy update is on pages 8-9
  • In Other International markets sales grew 8.8% but profit growth in Poland, Turkey and Spain was offset by new country development costs and higher losses in China
  • Progress continued with our ‘Creating the Leader’ programme including entering a binding agreement to acquire the shares of the principal shareholders of Mr Bricolage, the French home improvement retailer, and opening today our first 4 Screwfix outlets in Germany with next day national delivery
  • The previously announced multi-year capital returns programme to shareholders, starting with £200m in FY 2014/15 commenced in H1. £100m was returned as a special dividend and £35m via a share buyback (8.5m shares)

Subsequent highlights:

  • Remainder of the capital returns programme will resume as a share buyback
  • At Q2 we indicated that we experienced a sharp market downturn in June and July in France and Poland (Castorama France -3.3% LFL; Brico Dépôt -7.2% LFL; Castorama Poland -4.7% LFL). Since then in August, one of our largest months, sales were better across both markets (Castorama France -0.6% LFL; Brico Dépôt France -4.3% LFL; Castorama Poland +3.3% LFL) and overall Group LFL was +0.3%

Kingfisher’s Group Chief Executive, Sir Ian Cheshire, said:

“This was a difficult first half with demand in our largest and most significant market, France, remaining particularly weak with a sharp market downturn experienced in our second quarter. We did though deliver flat profits in France, a resilient performance despite the difficult backdrop. However, conditions in the UK were more favourable with better weather and encouraging signs in the smaller tradesman market. We were able to capitalise on the better conditions with Screwfix performing particularly well growing sales by 23%. B&Q UK & Ireland also delivered their best H1 sales growth in over a decade as the new team start to gain traction with its re-energising initiatives and started to make progress with its plan to better position the business for the future.

“Looking to the longer term, we continue to work on our ‘Creating the Leader’ programme including opening Screwfix and Brico Dépôt stores in two new countries and accelerating the rebranding of the recently acquired Romanian business into the Brico Dépôt format. We remain convinced that investment today to develop the highly profitable Screwfix and Brico Dépôt formats into new markets creates a huge growth opportunity for Kingfisher.

“Whilst our French business saw an improvement in August we remain cautious about the economic backdrop and focused on trading effectively with continued self-help initiatives whilst continuing with our initiatives to build a long term, sustainable future for the business. We have a strong balance sheet and cashflow to enable the necessary investment in the future as well as paying a healthy dividend to our shareholders. I am pleased that we are also recommencing our share buyback.”

 

ENQUIRIES

Ian Harding, Group Communications Director
+44 (0)20 7644 1029

Sarah Levy, Director of Investor Relations
+44 (0)20 7644 1032

Nigel Cope, Head of Media Relations
+44 (0)20 7644 1030

Matt Duffy, Investor Relations Manager
+44 (0)20 7644 1082

Brunswick
+44 (0)20 7404 5959

Further copies of this announcement can be downloaded from www.kingfisher.com or viewed on the Kingfisher IR iPad App available for free at the Apple App store. Video interviews with Sir Ian Cheshire (Group Chief Executive) and Karen Witts (Group Finance Director) are also available on the website and we can be followed on Twitter@kingfisherplc with the interim results tag #KGFHY.

Kingfisher American Depository Receipts are traded in the US on the OTCQX platform:
(OTCQX: KGFHY)
http://www.otcmarkets.com/stock/KGFHY/quote

COMPANY PROFILE
Kingfisher plc is Europe’s leading home improvement retail group and the third largest in the world, with 1,157 stores in ten countries in Europe and Asia. Its main retail brands are B&Q, Castorama, Brico Dépôt and Screwfix. Kingfisher also operates the Koçtaş brand, a 50% joint venture in Turkey with the Koç Group.

Kingfisher gives nine new graduates the opportunity to work in Commercial functions of two of Kingfisher’s Operating Companies as part of its International Graduate Programme

LONDON, 2014-9-8 — /EPR Retail News/ — Kingfisher plc, Europe’s largest home improvement retailer, this week welcomes nine new graduates to its International Graduate Programme. Now in its third year, the programme gives graduates the opportunity to work in the Commercial functions of two of Kingfisher’s Operating Companies over a two-year period.

The nine new recruits, from the UK, France and China, will take up roles at B&Q UK, Castorama France, Screwfix, Brico Dépôt France and Kingfisher Sourcing & Offer in France and the UK – reflecting the expansion of the programme across more of our Operating Companies since its inception in 2012. They will start by shadowing buyers, merchandisers and category managers to understand our commercial principles, before being assigned projects and categories of their own to review, develop and deliver within the following 12 months.

After 12 months they will move to another Operating Company for a further year. The aim is to give them an international mind-set and make working across our varied businesses second nature.

After two years they will have the opportunity to move into permanent roles around the Group. The first intake of graduates, from 2012, have just taken this next step, with two graduates in particular taking up roles in the buying team at Brico Dépôt France and in the Group Net Positive team at Kingfisher’s London head office.

Liz Bell, Kingfisher’s Group Talent Development Director, said: “I’m excited to see the arrival of our latest intake of graduates. The time they spend within our Operating Companies will give them insight into how our businesses work, both independently of each other and also how they collaborate in areas of product development and sourcing. The aim at the end of the formal two-year programme is that they are able to work seamlessly across the Commercial Divisions of Kingfisher’s Operating Companies.”

Two graduates have also joined the Kingfisher IT Services (KITS) Graduate Programme. They will gain experience in all aspects of Kingfisher’s IT support services provision.

Applications for the 2015 programme will open in October. For more information about the programme visit our Graduates page.

###

Photo L-R: Scott Carson – Kingfisher IT Services; Bethany Anderson – Screwfix; Charles Razimbaud – Castorama France; Paul Cousins – Kingfisher IT Services; Julien Morera – Kingfisher Sourcing & Offer, UK; Maximilien Brossaud – Screwfix (Maximilien transfers from Castorama France, where he has been working as a retail apprentice); Laura Ly – B&Q UK; Alasdair Hunter – Brico Dépôt France; Chuqin Qi – B&Q UK; Olivia Sandy – Castorama France; Chloe Wang – B&Q UK

Photo L-R: Scott Carson – Kingfisher IT Services; Bethany Anderson – Screwfix; Charles Razimbaud – Castorama France; Paul Cousins – Kingfisher IT Services; Julien Morera – Kingfisher Sourcing & Offer, UK; Maximilien Brossaud – Screwfix (Maximilien transfers from Castorama France, where he has been working as a retail apprentice); Laura Ly – B&Q UK; Alasdair Hunter – Brico Dépôt France; Chuqin Qi – B&Q UK; Olivia Sandy – Castorama France; Chloe Wang – B&Q UK