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B&Q pre-tax profits tumble to £693m

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B&Q owner Kingfisher are on the hunt for a new chief executive as the company has revealed plans to make more store closures amid tumbling annual profits.

Kingfisher chief executive Veronique Laury will step down, no date has been set for her departure.

The group are considering closing up to 15 stores over the next two-years, plus the group will close all 19 Screwfix stores in Germany, with only an online presence to remain.

The group reported a 52.8% drop in pre-tax profits to £22m for the year to 31 January.

Kingfisher stripped out costs including £111m for store closures, the group’s pre-tax profits tumbled 13% to a massive £693m.

Laury has tried hard with a five-year transformation plan that was launched in 2016, despite her best efforts she has faced increasing pressure.

Laury said, “Leading the transformation has been so exciting but also very challenging.

“As the transformation approaches its final year, I believe it is right for someone else to lead the next phase of the One Kingfisher journey.”

Despite the closure of Screwfix stores in Germany, the group are continuing with rolling out more stores across the UK, the target is to around 800 stores, up from 700 previously planned.




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