UPDATE 2-Kingfisher's deteriorating sales highlight new boss's tough task [Reuters (UK)]
KINGFISHER PLC S/ADR (KGFHY)
NASDAQ:AMEX Investor Relations:
kingfisher.com/index.asp?pageid=3
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Source: Reuters
UPDATE 2-Kingfisher's deteriorating sales highlight new boss's tough task - Reuters 4 Min Read * New CEO Thierry Garnier started in September * Q3 like-for-like sales down 3.7% * Firm suffering from “organisational complexity” * New boss to update on strategy in March * Shares down 5.4% at 0945 GMT (Adds detail, shares) By James Davey LONDON, Nov 20 (Reuters) - The new boss of Kingfisher criticised the British home improvement group’s “organisational complexity” as it reported a worsening decline in quarterly sales, underlining the uphill task he faces to stem falling profits. Kingfisher shares slumped as much as 9.3% after its trading update and as Carrefour veteran Thierry Garnier, who succeeded VAŠronique Laury as chief executive in September, outlined major problems that need to be addressed. The group, whose main businesses are B&Q and Screwfix in Britain and Castorama and Brico Depot in France, said like-for-like sales fell 3.7% in its third quarter to Oct. 31. They had fallen 1
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