July 27, 2006
Kingfisher plans 200 mln stg B&Q facelift - report
Kingfisher PLC is planning to spend up to 200 mln stg on refurbishing its 110 biggest B&Q warehouses as part of attempts by the home improvement retailer to get its DIY chain back on track after a 64 pct slump in profits last year, the Financial Times reported.
It said the retailer will announce details of the three-year UK refurbishment programme in the autumn.
Under pressure after six quarters of falling sales at B&Q, Kingfisher is also putting on hold plans to open DIY chains in new markets such as Thailand, India and Malaysia, while it strives to improve at home, the newspaper said.
The retailer is due to update on second-quarter sales on Thursday.