Kingfisher Warns of Lower Profits Amid Slowing DIY Market Trends
Kingfisher's Profit Warning Impact
The owner of B&Q and Screwfix, Kingfisher, has announced a probable decrease in profits for the second consecutive year. This forecast is attributed to the hesitance of homeowners in pursuing substantial renovation projects, such as bathroom and kitchen refits, amidst a subdued housing market.
Cost-Cutting Measures on the Horizon
The company indicates plans to reduce costs, potentially leading to staff cuts. This strategic shift can have wide-reaching implications for Kingfisher's operational structure and workforce.
Analysts' Expectations vs. Reality
Kingfisher's anticipated underlying pre-tax profits for the fiscal year ending in January 2025 are significantly lower than initial projections – potentially a 25% decrease from expectations set at the beginning of the year.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.