British home improvement group Kingfisher saw it's shares slump by as much as 9.3% today after reporting organisation complexities with the groups unification strategy and worsening quarterly sales in core markets that continue to weigh on profits.
The company, that mainly trades under the B&Q and Screwfix banners in the UK and Castorama and Brico Depot in France, guided that like-for-like sales fell 3.7% in the third quarter to October 31st. Management blamed IT and supply chain issues in France where sales were down as much as 6.1% in the quarter and a 1% decline in the UK.
The fall in group sales was blamed on continuing distruption from the implementation of new ranges, lower promotional activity, and ongoing headwinds to their French business with has seen softer trading condictions and increased competition.
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