Kingfisher’s chief executive showed a clear grasp of the City’s tastes when she took to the podium at the London Stock Exchange for her debut presentation. Véronique Laury, the fiery French successor to the patrician Sir Ian Cheshire at the helm of the Anglo-French DIY conglomerate, declared that once her five-year plan had run its course, investors could look forward to no less than £500m of extra profits a year — an eye-popping 73% increase. Three years on, Laury’s ebullience has given way to excuses, and she finds herself fighting for survival. Sales at B&amp;Q in Britain and Castorama, Kingfisher’s biggest French business, are going backwards, group profits have barely moved and its cash reserves are being plundered to fund Laury’s costly push to consolidate
Kingfisher CEO Veronique Laury is fighting for survival. Three years into a five year plan, there is no sign of the promised 73% profit increase. Sales at B&Q and Castorama are in decline, profit is stagnating and her push to consolidate procurement operations is burning cash. Senior managers have headed for the exit and Laury has been criticised for vocalising the difficulties of delivering her plan. Market conditions are compounding the self-inflicted problems, while Laury maintains the strategy is bearing fruit. Its success will determine her future and potentially the shape of Kingfisher according to The Sunday Times.