Home improvement retailer Kingfisher warns on profit outlook
European home improvement retailer Kingfisher warned on Monday that current-year profit would fall short of analysts’ expectations after it reported a 25% drop for 2023-24.
“In the short term, while repairs, maintenance and renovation activities on existing homes continue to support resilient demand, we are cautious on the overall market outlook for 2024 due to the lag between housing demand and home improvement demand,” CEO Thierry Garnier said.Shares of the FTSE 100-listed group, which owns B&Q and Screwfix in Britain and Castorama and Brico Depot in France and other markets, have fallen 11% over the past year.
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