B&Q: Kingfisher CEO’s pay slashed by £4m as profit cut
The boss of Kingfisher, the group behind the likes of B&Q and Screwfix, saw his pay slashed by almost £4m as its sales and profit took a significant hit during its latest financial year.
Thierry Garnier took home almost £2.3m for the 12 months 31 January, 2025, down from the nearly £6m he received in the prior year.
Garnier’s pay package did not include the near-£4m he was awarded in a ‘delivering value incentive’ bonus handed to him the year before.
However, its base salary increased from £875,500 to £911,900 while his annual bonus surged from £364,900 to £804,900.
He also was handed £404,200 through a performance share plan.
Last year, City AM reported that the bonuses of the chief executive and chief financial officer of the owner of B&Q had also been slashed after Kingfisher’s profit fell by almost 40 per cent in its previous 12 months.
The annual report comes after the parent company of B&Q and Screwfix suffered a drop in sales for the year to 31 January, 2025.
Kingfisher revealed its sales had fallen by 1.5 per cent to £12.78bn – a decline overwhelmingly driven by a 6.2 per cent drop in sales in France, with the UK and Poland both steady.
Operating profit at the B&Q owner also fell 29.7 per cent to £407m, while its pre-tax profit was cut by 35.4 per cent to £307m.
Kingfisher said it had made cost savings of £120m during the year, but faces year on year cost inflation of £90m due to the combined impact of higher wages, higher employers national insurance contributions and their French equivalent, and the UK government’s packaging fees regulations (the Extended Producer Responsibility scheme).