B&Q owner Kingfisher has slashed
its dividend by half and warned
investors that things could get worse
before they get better.
The gloom came as the DIY giant
unveiled its third successive fall in
annual profits. Underlying pre-tax
profits of £386m during 2007 were
almost three per cent lower than
the previous year.
Chief executive Ian Cheshire,
pictured, said the 50 per cent dividend
cut was necessary in the
tougher trading conditions as
the group focused on tight cash
control and reducing debts.
Mr Cheshire said: "No business
can fully shield itself from
economic cycles and given the
current state of the financial
markets, most commentators are
expecting the short-term outlook
to worsen before it improves."
Mr Cheshire, who took over in
January, said his main focus would
be on generating more cash from
Kingfisher's retail businesses under
a reshaped management structure.
He will also slow the pace of capital
investment in the group, with
spending geared towards projects
offering the best returns.
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In the UK, where the group also
trades as Screwfix and Trade Depot,
Kingfisher said the home improvement
market weakened in the second
half of the year.
But the B&Q chain produced its
first like-for-like sales growth after
three years of decline, with comparative
sales up 0.6 per cent.
Retail profits fell 20 per cent to
£131m after spending on its new
stores but it added that early trading
signals from its revamped sites were
encouraging.
Kingfisher is moving away from its
traditional aisle-based format to a
more modern layout displaying the
group's kitchen and bathroom wares
more extensively.
I'm not usually one for posting warnings about potential scams but I had a close call yesterday.
I walked into B&Q hardware at lunchtime and some old guy dressed in a black shirt with an orange apron on asked me if I
wanted decking.
Fortunately, I got the first punch in and sorted the b*stard out.
Those less suspecting might not be so lucky.
I'm not usually one for posting warnings about potential scams but I had a close call yesterday.
I walked into B&Q hardware at lunchtime and some old guy dressed in a black shirt with an orange apron on asked me if I
wanted decking.
Fortunately, I got the first punch in and sorted the b*stard out.
[quote][bold]Cor[/bold] wrote:
I'm not usually one for posting warnings about potential scams but I had a close call yesterday. I walked into B&Q hardware at lunchtime and some old guy dressed in a black shirt with an orange apron on asked me if I wanted decking. Fortunately, I got the first punch in and sorted the b*stard out. Those less suspecting might not be so lucky. [/quote] That's odd, I've just left B and Q with some panelling, the checkout girl said 'There's no need to take a fence' ... what was her problem?
Cor wrote:
I'm not usually one for posting warnings about potential scams but I had a close call yesterday. I walked into B&Q hardware at lunchtime and some old guy dressed in a black shirt with an orange apron on asked me if I wanted decking. Fortunately, I got the first punch in and sorted the b*stard out. Those less suspecting might not be so lucky.
That's odd, I've just left B and Q with some panelling, the checkout girl said 'There's no need to take a fence' ... what was her problem?
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