Kingfisher's profits fell last year despite an increase in sales, but plans to close 60 B&Q stores have sent shares up.
Why it's interesting
Yesterday, Kingfisher announced the imminent collapse of a deal to buy French chain Mr Bricolage – a plan first drawn up a year ago. Shares rose 2.5 per cent to 367p in early trading following the news.
What Kingfisher said
We have a lot to do and we are announcing today a set of first 'sharp' decisions which are already underway including the closure of around 15% surplus B&Q space (c.60 stores) and our few loss making stores in Europe, the development of unified garden and bathroom businesses and the start of a Big Box revitalisation programme across Europe.In addition, we will be developing our detailed plans for the wider reorganisation of the company as we progress on this exciting journey towards becoming "One" Kingfisher.