It’s easy to blame the old management when you’re new in the job. For Kingfisher boss Thierry Garnier, ripping up the strategy of Véronique Laury, the retailer’s former chief executive, was never going to face much opposition.
In 2016 Laury pledged to add £500 million to that year’s £686 million profits by 2021 under her “One Kingfisher” plan. The result? Even after a pandemic boom in sales, adjusted pre-tax profits were only £100 million higher during the financial year that ended in January.
Garnier has swapped one gimmicky tagline for another — “Powered by Kingfisher” — but investors don’t seem convinced. The shares might have had a startling rebound since last March’s trough, but a forward enterprise/ebitda (earnings before interest, tax, depreciation and amortisation)
