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18 Sep 2019 | 07:22

Kingfisher profit drops as French unit underperforms; UK sales slip

DIY group Kingfisher booked a 12.5% fall in first-half profit after sales again fell at its troubled French unit.

Sales also slid in the UK and Ireland as Brexit uncertainty weighs on consumer confidence.

Pre-tax profit for the six months through July fell dropped down to £171m, from £206m on-year.

Sales slipped 1.4% to £6.0bn and were 1.8% lower on a constant currency and like-for-like basis.

The company maintained its dividend at 3.33p per share. Net debt fell to £2.38bn, from £2.66bn.

Kingfisher said it intended to focus on improving execution and delivering priorities for the year, including the launch of key new and differentiated ranges.

Incoming chief executive Thierry Garnier was expected to join the business on 25 September.

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