B&Q’s Irish division incurred losses of €8.25m last year

The Irish division of home improvement/DIY retailer B&Q — which is in examinership — incurred losses of £7m (€8.25m) last year, according to figures from its parent company.

B&Q’s owner, Kingfisher plc, yesterday reported an 11.4% drop in its annual pre-tax profits to £715m (€843m), blaming poor weather, weakening consumer confidence, and adverse foreign exchange movements.

Group chief executive Ian Cheshire said that while it was unable to fully offset those headwinds, the group still closed its year to the end of January “in good shape”, in a net cash position and with a higher market share. Group sales fell by 2.4% to just under £10.6bn, but Kingfisher ended the year with a net cash balance of £38m, as opposed to a net debt of £88m 12 months earlier.

B&Q Ireland’s nine stores, employing nearly 700 people, went into examinership at the end of January.

— Reuters