Kingfisher: shares down after management change
(CercleFinance.com) - Kingfisher shares are down over 3% on Wednesday, after the home improvement retailer reported full-year results and announced plans to change its CEO.
The company, which runs the Screwfix chain in the UK and Brico Depot in France, said on Wednesday that it made underlying pre-tax profit of 693 million pounds in the year ended 31 January 2019, down 13% from the previous year.
Kingfisher said the increase in profit in the UK and Poland - which together represent 56% of total sales - was more than offset by weakness in Castorama France and losses in Russia and Romania.
At 11.7 billion pounds, total sales were up 0.3% at constant currencies.
In addition to its full-year results, the group has launched the succession process for its CEO, Véronique Laury.
However, the timing of the move seems to have surprised investors.
"A complete churn of the management team over the last 18 months sits at odds with a Transformation Plan that still has two years to run," reacted analysts at UBS today.
The shares were down 3.4% at 237 pence after these announcements.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The company, which runs the Screwfix chain in the UK and Brico Depot in France, said on Wednesday that it made underlying pre-tax profit of 693 million pounds in the year ended 31 January 2019, down 13% from the previous year.
Kingfisher said the increase in profit in the UK and Poland - which together represent 56% of total sales - was more than offset by weakness in Castorama France and losses in Russia and Romania.
At 11.7 billion pounds, total sales were up 0.3% at constant currencies.
In addition to its full-year results, the group has launched the succession process for its CEO, Véronique Laury.
However, the timing of the move seems to have surprised investors.
"A complete churn of the management team over the last 18 months sits at odds with a Transformation Plan that still has two years to run," reacted analysts at UBS today.
The shares were down 3.4% at 237 pence after these announcements.
Copyright (c) 2019 CercleFinance.com. All rights reserved.