Kingfisher Forecasts Continued Profit Decline Amid DIY Market Downturn

The B&Q and Screwfix owner plans cost-cutting measures and store expansions to navigate challenging market conditions.

Kingfisher, owner of B&Q and Screwfix, reports a significant drop in annual profits, with expectations of further declines amid a slowing DIY market.
The company plans to cut costs by £120m, including reducing store staff and improving supplier and landlord deals, as part of its strategy to navigate the challenging market.
Despite the downturn, Kingfisher aims to expand its presence by opening new Screwfix stores in the UK, Ireland, and France, and launching new Castorama stores in Poland.
Kingfisher's sales in France continue to struggle due to low consumer confidence, while sales in Poland are expected to improve as inflation and interest rates fall.
The company remains focused on its long-term strategy, emphasizing repairs, maintenance, and renovation activities to support demand in the face of uncertain market growth.