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 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 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

 

Emily Lawson appointed Chief People Officer Kingfisher plc

Westminster, UK, 2015-9-16 — /EPR Retail News/ — Kingfisher plc, the international home improvement company, is pleased to announce the appointment of Emily Lawson as Chief People Officer. She will join the business in October. The appointment completes the international leadership team put together by Kingfisher CEO Véronique Laury.

Emily was previously Group HR Director at Wm Morrison Supermarkets PLC and a Partner at McKinsey & Co where she held various roles including leading the Human Capital Practice.

During her time at Wm Morrison Supermarkets PLC, Emily led HR programmes in the areas of business performance, talent, diversity, learning and development, cultural engagement and reward. During her 15 years at McKinsey she worked across sectors including pharmaceuticals, telecoms, banking and energy, with a focus on leading multi-year performance transformation programmes. She was responsible for the firm’s work on talent and people management including delivering leadership, operational performance improvement, diversity and cultural change programmes.

Commenting on the appointment Véronique Laury, Chief Executive Officer of Kingfisher, said: “I’m delighted that Emily will join us in October as Chief People Officer. Her breadth of previous experience is ideally suited to the ‘One’ Kingfisher plan to create a single, unified company where customer needs come first. I have no doubt she is the right person to help us translate this goal into a reality. I look forward to working with her.

“Women account for around half our customers and make about three quarters of home improvement decisions, and we recognise the importance of building a pipeline of management talent to reflect that trend. I am therefore pleased to note that Emily’s appointment brings the proportion of women on our seven-strong leadership team to over 50%.”

“Our leadership team is now complete and we are continuing to develop our detailed plans at pace.”

Emily Lawson said: “I’m excited to be joining Kingfisher at such an important time in its development. As an international retail business, our 79,000 colleagues in almost 1,200 stores are responsible for how we deliver to customers every day, and are right at the heart of our strategy. I look forward to how we can set all our colleagues up for success, and work together across all our markets to better serve our customers.”

Emily will report to Kingfisher CEO Véronique Laury.

Kingfisher’s leadership team:

Véronique Laury, Chief Executive Officer
Karen Witts, Chief Financial Officer
Arja Taaveniku, Chief Offer & Supply Chain Officer
Emily Lawson, Chief People Officer
Steve Willett, Operations Director, Omnichannel, and Chief Digital & IT Officer
Guy Colleau, Operations Director – Big Box
Alain Souillard, Operations Director – Medium Box

Notes to editors

Enquiries

Kingfisher Media Relations +44 (0) 20 7644 1030

Brunswick +44 (0) 20 7404 5059

Emily Lawson

Key career dates:

  • 2013-July 2015 Wm Morrison Supermarkets PLC, Group HR Director
  • 1998-2013 McKinsey & Co, Partner
  • 1996-1997 Avitech Diagnostics, Technology Manager and Head of Business Development, Malvern, PA, USA
  • 1993-1995 SERC/NATO postdoctoral fellow at the University of Pennsylvania, Philadelphia, PA, USA

 

About Kingfisher plc
Kingfisher operates nearly 1,200 stores in 10 countries in Europe. Our main 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. We employ 79,000 people and nearly six million customers shop in our stores every week. Our purpose is to help and inspire millions of people to improve their homes. For more information please visit www.kingfisher.com

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.”

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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 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 plc to sell a controlling 70% stake in its B&Q China business to Wumei Holdings Inc for £140 million

LONDON, 2014-12-23 — /EPR Retail News/ — Kingfisher plc, Europe’s leading home improvement retailer, today announces a binding agreement to sell a controlling 70% stake in its B&Q China business to Wumei Holdings Inc for a total cash consideration of £140 million. The agreement follows Kingfisher’s previous announcement of its plans to look for a strategic partner to help develop its B&Q business in China

The transaction is conditional on MOFCOM (Chinese Ministry of Commerce) approval and, if approved, is expected to close during the first half of next year.

Commenting on the announcement, Véronique Laury, Kingfisher’s Group Chief Executive, said:

“I am delighted to have found a strong retail partner who will help us to release the financial value of our business in China. This will enable us to focus our financial resources and management talent on the large and attractive European home improvement market.”

NOTES TO EDITORS

Kingfisher plc is Europe’s leading home improvement retail group and the third largest in the world, with 1,176 stores in 11 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.

B&Q China opened its first store in China in 1999 and now has 39 stores in the market, with over 3,000 employees.

Wumei Holdings Inc is one of China’s leading retail chain store operators. It was founded in 1994 and is headquartered in Beijing. The retail network comprises around 650 supermarkets and 10 department stores in northern, eastern and western China with a sales area of over 1.4m sqm. It is the controlling shareholder of Hong Kong listed Wumart Stores Inc and Shanghai listed Xinhua Department Store. Its brands include Wumart, Jingbei Shopping Mall, Merrymart, Xinhua Department Store, Zhejiang Gongxiao and Laodafang.

UBS Investment Bank acted as financial adviser to Kingfisher on the transaction andHogan Lovells acted as legal adviser.

 

ENQUIRIES

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

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

Brunswick (London)  +44 (0) 20 7404 5959

Brunswick (China)   +86 (0) 21 6039 6305