Halfway through the year the market was prepared, perhaps, to give Kingfisher the benefit of the doubt for a poor performance in France, which represents almost 40 per cent of the group. There had been bad weather, including flooding, which discouraged building work. The country was going through one of its periodic outbreaks of industrial unrest. And sales at its two chains, Castorama and Brico Dépôt, were down by more than 3 per cent.
Look at the full-year numbers and it would appear that things worsened in the fourth quarter. Much of this is outside Kingfisher’s control, including high unemployment and uncertainties before the French elections. The official statistics for home improvement spending and new housing permits are mixed, but plainly there is more to