Kingfisher Issues Second Profit Warning Amid Falling Sales

Shares in the home improvement retailer plummet as poor market conditions in France and other countries lead to reduced earnings forecasts.

Kingfisher, the owner of B&Q and Screwfix, has issued a second profit warning in two months, now expecting adjusted earnings of £560m, down from a previous forecast of £634m.
Shares in Kingfisher fell more than 6% following the announcement, making it the biggest faller on the FTSE 100.
The weaker profit forecasts are attributed to poor conditions in France, where households are pulling back on renovation projects due to cost of living pressures.
Sales were also down in Poland, Spain, Portugal, and Romania, with a 3.9% drop on a like-for-like basis for the three months to the end of October.
Despite the challenges, Kingfisher's CEO, Thierry Garnier, said he is prioritizing market share growth in Britain, France, and Poland next year, while also trying to offset wage inflation.