Mulcahy talks tough with B&Q boss
Thursday 28 March 1996
The pledge confused many in the City as earlier suggestions had been that B&Q's chief executive, Jim Hodkinson, was set to leave the group after the poor performance, and a decision by Sir Geoff to rein back the expansion of the Warehouse store format that Mr Hodkinson was keen to expand.
Sir Geoff said: "Jim is at the helm and we have an agreed plan of action." He admitted that there had been some "tough talking".
At an analysts' meeting yesterday morning Sir Geoff took all questions on B&Q while Mr Hodkinson sat silent on the podium after his presentation. The style of the briefing conveyed the impression that Sir Geoff was exerting a stronger control over the operating businesses.
In spite of the company's statements on management, analysts and institutional investors are still uncertain how long the entrepreneurial Mr Hodkinson will want to remain at B&Q. One fund manager said: "It looks a bit sloppy if they can't make their mind up. I suspect that his [Mr Hodkinson's] ambitions are not being matched by what Kingfisher is trying to do."
The group had intended to open nine of its huge Warehouse stores this year but will now open only four. The Warehouse stores show comparative sales growth of 9.4 per cent. But sales have declined 1.2 per cent at the standard-size stores.Group profits were down from pounds 83m to pounds 55m last year though sales grew 5 per cent to pounds 1.3bn.
Kingfisher announced flat pre-tax profits for the year to 3 February. Pre-tax profits, excluding exceptional items, rose 2 per cent to pounds 287m. Total profit rose to pounds 311m, including the sale by Darty, the French electricals business, of a subsidiary.
Star performer was Woolworths where profits rose 27 per cent to pounds 65m. Comet, the electrical chain, turned last year's pounds 2m loss into a pounds 3m profit while Superdrug profits rose 8 per cent to pounds 41m. The Darty electrical chain in France was held back by a weaker French economy.
Comment, page 23
- 1 East 17 bandmember Brian Harvey in 'very desperate situation’
- 2 Vladimir Putin says Russia will fight for the right of Palestinians to their own state
- 3 WrestleMania 31 results: Seth Rollins stuns WWE as he cashes in Money in the Bank contract to claim title from Brock Lesnar
- 4 Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
- 5 Germanwings plane crash: I have depression. That doesn't make me a psychopath
East 17 bandmember Brian Harvey in 'very desperate situation’
Vladimir Putin says Russia will fight for the right of Palestinians to their own state
Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
Germanwings plane crash: Investigators may have already found remains of suspected killer co-pilot Andreas Lubitz
Children take eight Isis captives to be beheaded in latest propaganda video
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...