Home Improvements Chain Kingfisher Exits Three Markets

London, (APP - UrduPoint / Pakistan Point News - 21st Nov, 2018 ) :European home-improvements retailer Kingfisher announced Wednesday its exit from Portugal, Russia and Spain to concentrate on main markets France and Britain.

It came as the London-listed owner of French chains Castorama and Brico Depot and Britain's B&Q logged mixed third-quarter sales.

Total sales stripping out the impact of Currency fluctuations rose 1.2 percent to nearly �3.1 billion ($3.9 billion, 3.4 billion Euros) in the quarter to the end of October from a year earlier.

"We are committed to... building a strong business for the long-term," said Kingfisher's French chief executive Veronique Laury.

"As part of this commitment, we have taken the decision to exit Russia, Spain and Portugal.

"This will allow us to apply our strategy with more focus and efficiency in our main markets where we have, or can reach, a market leading position," she added.

In reaction, Kingfisher shares fell about 2.5 percent in late morning deals on London's rising stock market, as analysts questioned the group's five-year transformation strategy through to 2020.

"How long can Kingfisher's board wait until... admitting its transformation programme is not working?" said analyst Russ Mould at stockbroker AJ Bell.

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