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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Woolworths | LSE:WLW | London | Ordinary Share | GB0030738610 | ORD 12.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.22 | - | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
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07/4/2009 13:54 | boldtrader - 7 Apr'09 - 09:41 - 5932 of 5932 Hi think davy will say the same nothing remaining for investors, i had an email from deloittes saying that, good luck. Ex stockmarket investor f6 | fazersix | |
07/4/2009 08:41 | Hi Davy, not been here for a good while now, trying to recoup losses eleswhere!! May I ask what the score is here, Have we any cash coming back to shareholders,now,nev | boldtrader | |
06/4/2009 11:06 | duplicate of above. | porketh | |
06/4/2009 11:06 | e-mailed Delitte this morning. Apparently, Companies house have an update on what assets/liabilities the administrators still have to deal with. I cant see anything though..... | porketh | |
04/4/2009 14:43 | Scotty Tsquared - 3 Apr'09 - 22:56 - 5928 of 5928 Shareholders had their money mick and pixed or maybe nicked by someone with a full shed ! Any members seen some new sheds with buldging sides please mail f6 lol. | fazersix | |
03/4/2009 21:56 | I suspect they're of the opinion that shareholders are not important....... Oh the penny has dropped. !!!! shareholders are there to spread the load. you either get loaded or you get folded ;-) | scotty tsquared | |
03/4/2009 20:49 | andrewlewis- no views, but will take a look at them. | davy99 | |
03/4/2009 17:09 | Davy 99 There seems to be something happening with KGF and KESA the old parts of WLW? Any views? | andrewlewis | |
03/4/2009 12:42 | I wouldnt bother contacting Deloitte, they dont respond. I suspect they're of the opinion that shareholders are not important. And they'll get paid anyway, so why bother wasting time and replying? If nothing else, this 'correction'/recessi | porketh | |
02/4/2009 17:14 | Yes we seem to be waiting and waiting for further information........v | martin44 | |
02/4/2009 08:59 | andrewlewis- No further info. Suggest try asking Deloitte: | davy99 | |
02/4/2009 08:26 | Davy 99 Would you know of any further assets that WLW have that have not been sold? Is there a tally on the assets that have been sold to date? Something seems to be hidden here. How long will the Directors be receiving their salaries etc? | andrewlewis | |
26/3/2009 15:47 | China was where Kingfisher did badly, think closing all their outlets there. Heads up next Thursday 2nd April BBC1 9pm "How Woolies became Wellies: One woman's fight for the high street". 1 hour documentary on the re-opening of the Dorchester branch. | davy99 | |
26/3/2009 13:57 | Davy 99 Kingfisher didn't look too bad. Jump to main content [accesskey = s] Jump to site navigation Jump to search Jump to site map [accesskey = 3] Jump to accessibility statement [accesskey = 0] About us Customers Investors Media Corporate Responsibility People Suppliers Group directory HomeHome / Investors / Press releases / Results / 2009 Preliminary Results Press releasesRegulatory newsEmail servicesResults & presentationsCompany reportsKingfisher profiledRetail statisticsCorporate governanceCompany reorganisationsShare 26 March 2009 Kingfisher plc Preliminary results for the year ended 31 January 2009 Kingfisher plc reports full year sales up 11%, adjusted pre-tax profits up 3% and announces details of a comprehensive turnaround action plan for China Group Financial Summary 2008/09 2007/08 % Total Change (Reported) % Total Change (Constant Currency) % Like- for-like (LFL) change Note: Retail profit is stated before central costs, exceptional items, amortisation of acquisition intangibles and the Group's share of interest and taxation of joint ventures and associates. Adjusted measures are before exceptional items, financing fair value remeasurements, amortisation of acquisition intangibles and tax on prior year items. A reconciliation to statutory amounts is set out in the Financial Review. Retail sales £10,026m £9,050m +10.8% +1.2% (4.1)% Retail profit £503m £469m +7.2% (4.6)% Adjusted pre-tax profit £368m £357m +3.1% Adjusted post-tax profit £258m £250m +3.2% Adjusted basic EPS 11.0p 10.6p +3.8% Interim dividend 1.92p 3.85p (50.0)% Final dividend 3.4p 3.4p Flat Full year dividend 5.32p 7.25p (26.6%) Net debt £1,004m £1,559m (35.6%) (40.5)% Highlights in constant currencies Sales in France up 3% to £3.9 billion, retail profit of £283 million Sales in the UK down 2.6% to £4.3 billion, retail profit of £129 million benefited from early and firm margin and cost action Sales in other international markets up 7% to £1.8 billion, retail profit of £91 million Poland sales grew 19% to £1 billion, retail profit up 15% to £124 million B&Q China sales declined 24% to £431 million, retail loss of £52 million Comprehensive China repositioning underway. Store portfolio to be rationalised from 63 to 41 and all remaining stores revamped. Product and service offer to be refreshed. An exceptional accounting charge of £107 million has been booked for the cost of the plan. The net cash cost of the plan will be around £30 million Non-cash exceptional impairment charge of £160 million £124 million intangible goodwill write-off of B&Q China, £40 million of which arose due to the adverse impact of exchange rate movements £36 million impairment of Hornbach carrying value Castorama Italy sale completed for 615 million cash, generating an exceptional profit of £204 million (£178 million after tax) Reported net debt down 36% to £1.0 billion reflecting vigorous action on costs, cash and working capital as well as the sale of Castorama Italy Property portfolio independently valued at £3.2 billion (2007/08: reported £3.6 billion) Statutory reporting 2008/09 2007/08 Reported Change Statutory reporting is after net exceptional charges of £88m (2007/08: gain of £6m). £231m of the total exceptional charge relating to the accounting write down of intangible and tangible assets in China is largely offset by the £178m exceptional gain on the disposal of Castorama Italy, which is shown as a discontinued operation. Profit before tax continuing operations £90m £366m (75.4)% Profit after tax total operations £206m £272m (24.3)% Basic EPS continuing operations 0.2p 10.9p (98.2)% Basic EPS total operations 8.9p 11.7p (23.9)% Ian Cheshire, Group Chief Executive, said: "I am pleased with our solid performance in what has been a particularly challenging retail environment. We have grown share in all of our major markets, delivered our profits through strong margin and cost control and significantly reduced our net debt. "During the course of the year, we have strengthened our management team, made real progress with our seven-step 'Delivering Value' programme and completed the sale of our lower returning business in Italy at an excellent price for our shareholders. The performance in a very difficult Chinese housing market has been worse than anticipated at the start of the year, but we still believe that there is long-term potential in China and have initiated a clear and thorough set of actions to return this business to profitability. "Looking ahead, although we anticipate the next year to continue to be very challenging, we will remain focused on providing the best choice and value for our customers whilst managing our margins, costs and working capital tightly. We have a clear set of milestones for the coming year to ensure we continue to progress with our 'Delivering Value' programme. "I am confident that our robust balance sheet along with our international portfolio of market leading retail brands with strong value positions will help us to continue to demonstrate resilience and deliver shareholder value." Delivering Value - progress in 2008/09 At the beginning of this financial year Ian Cheshire was appointed as Group Chief Executive and set out his aim of delivering a step-change in shareholder value by focusing on three key priorities Management, Capital and Returns. Good progress was made in 2008/09 with this programme, known as 'Delivering Value' and clear milestones established for 2009/10. MANAGEMENT "a new senior team, working with a new collective responsibility for overall Group delivery of results as well as key existing cross-Group activities" 2008/09 progress Previous decentralised management structure replaced by a new Retail Board with collective responsibility for overall Group success in addition to their personal accountabilities. This board comprises the Group CEO, CFO, the three geographic retail divisional heads and other key cross-Group divisional heads Appointed new heads of the three newly created geographic retail divisions (France - Philippe Tible, UK - Euan Sutherland and Other International - Peter Hogsted) Appointed new Group CFO, Kevin O'Byrne Share incentives in place to grant to 700 store managers across the UK and France 2009/10 milestones Share incentives extended to store managers outside the UK and France CAPITAL "investment will be prioritised, targeting higher hurdle rates and faster payback periods. A key target is to stabilise debt at current levels, prior to reducing it in due course" 2008/09 progress Gross capital expenditure reduced year on year by 31% on a constant currency basis to £390 million New spending limits and a more rigorous approval process introduced Sold the lower returning, capital intensive Castorama Italy business for 615 million, generating a post tax profit on disposal of £178 million The loss making UK trial format, Trade Depot, was closed in order to focus capital resources on the coordinated development of B&Q and Screwfix Group working capital reduced by £180 million Over delivered against the flat net debt target excluding the benefit of the sale proceeds of Castorama Italy and the adverse impact of exchange rate movements. Including these items, reported net debt fell 36% (41% in constant currencies) to £1.0 billion (2007/08: £1.6 billion) 2009/10 milestones Gross capital investment to be further reduced to around £300 million Targeting a further reduction in net debt (in constant currencies) RETURNS "greater focus will be placed on generating higher cash returns from the retail businesses. The new leadership team has identified seven major steps to achieve this" 1. Driving up B&Q UK's profit 2008/09 progress 16 large store revamps completed in the year, 3 new stores, 16 medium store revamps New lower cost revamp model developed (under £1 million per store compared with the previous £2.5 million) More stringent store operating standards introduced, 91% stores now compliant Over 4,500 staff received training in basic home improvement projects such as laying wooden floors, gardening, wall papering and painting Overall costs reduced 1% in the year despite underlying cost inflation of 3% and 1% new space 2009/10 milestones 14 lower cost large store revamps, 7 medium store revamps National roll out of self-service checkout National roll out of 'Reserve and Collect' on diy.com Add 12,000 products for next day home delivery on diy.com utilising the Screwfix existing home fulfilment network Reduce overall costs by 1% year on year 2. Exploiting our UK Trade opportunity 2008/09 progress Loss making UK trial format, Trade Depot, closed. Closure programme of the 9 outlets now largely complete B&Q launched a Trade Discount Card for the professional tradesman. 177,000 cardholders are now signed up for quarterly retrospective volume based rebates Opened 45 more Screwfix outlets Launched "Plumbfix", a new specialist mail order catalogue operated by Screwfix exclusively for qualified plumbers 2009/10 milestones Launch "Electricfix", a new specialist mail order catalogue operated by Screwfix exclusively for qualified electricians 8 new Screwfix outlets Relaunch B&Q in-store trade offer maximising synergies with Screwfix 3. Expanding our total French business 2008/09 progress Opened 10 net new stores and revamped 8 stores Developed coordinated 3 year store opening plan Buying optimisation now in place covering 1.1 billion of product common to Castorama and Brico Dépôt Brico Dépôt stock shrinkage rates significantly improved - 9 million benefit 2009/10 milestones Open 5 net new stores, revamp 4 Castorama stores Deliver benefits of buying optimisation activity Extend buying optimisation activities to goods not for resale 4. Rolling out in Eastern Europe 2008/09 progress Opened 17 new stores, 9 in Poland, 6 in Turkey and 2 in Russia Total sales grew 26% (including 100% Turkey JV) to £1.4 billion* 2009/10 milestones Open 14 new stores, 6 in Poland, 5 in Turkey and 3 in Russia Total sales (including 100% Turkey JV) to reach £1.7 billion* * In constant currencies 5. Turning around B&Q China The Chinese market remains fundamentally attractive over the medium and longer term and is a potentially significant cash generative growth opportunity for Kingfisher. Our early expansion in this market has built a strong brand with a leading position, but the dramatic housing market slowdown has impacted performance and exposed internal operational issues that have exacerbated the impact of the market slowdown on reported losses. The key priority in 2008/09 was to strengthen the local team with experienced operators from across the Group, understand fully the operational issues that needed addressing and start a comprehensive plan of action to return the business to profitability as soon as possible. The review concluded that B&Q's ambitious expansion in recent years had been too fast, resulting in a rump of loss making and oversized stores. The business had become too reliant on a booming apartment design and installations market and was not developing other new services or product ranges. Furthermore, over reliance on local suppliers' support for store staffing (in store supplier representatives), store merchandising and ranging decisions led to stock proliferation and a weaker customer experience. A comprehensive turnaround plan is underway in China with most of the activity planned for 2009 and the first half of 2010. The plan encompasses rationalising the store portfolio from 63 to 41 and revamping the remaining stores, 17 of which will also be downsized. Supplier numbers, product ranges and stock levels will also be rationalised and new services and pick-up lines introduced in-store to drive sales and margin. The number of in-store supplier representatives will be significantly reduced in favour of trained B&Q staff. Own-brand product levels will increase and central support costs reduced. An accounting write off of £107 million has been booked in 2008/09 primarily reflecting the asset impairments for the rationalisations and revamps. The cash cost of the store rationalisation will be broadly offset by the sale of two freehold sites. The cash cost of the store revamping is expected to be around £30 million over the next two years. The vigorous Group support and oversight introduced in 2008 on the creation of the new Retail Board will continue to ensure the plan is well executed in the shortest possible time. 2008/09 progress Local management team strengthened An extensive and deep review of the operations completed 3 loss making stores were rationalised and 1 store downsized A new store format was developed and 1 store was revamped on a trial basis. The innovative new format officially opened on 20 March 2009 in the Putuo district of Shanghai and incorporates new ranges of softer "pick-up" lines merchandised using the '4 style houses' concept successfully adopted by Castorama France £33 million of excess stock cleared 2009/10 milestones Rationalise the remaining loss making stores Downsize and revamp a further 17 oversized stores Revamp around half the remaining stores into the new model Expand the new "pick-up" ranges of soft furnishings, household goods and accessories Roll out new single room make-over and single product installation services Replace supplier reps with B&Q trained staff in most product areas As a result of the turnaround activity, and subject to our expectations of a stabilisation of the market, Kingfisher is now targeting a return to a profitable business model during the second half of 2010 and for the business as a whole to return to profitability in 2011. 6. Growing Group sourcing 2008/09 progress Group direct sourcing now 10% of product cost of sales Number of product lines increased from 17,000 to 18,000 Appointment of Véronique Deroubaix as Group Commercial Director, formerly the Commercial Director for Castorama France, where own-brand sales penetration has almost doubled in the past five years 2009/10 milestones Group direct sourcing target of 12% of product cost of sales 7. Reducing working capital 2008/09 progress Surpassed target to reduce working capital by £100 million, delivered £180 million reduction B&Q UK stock reduced by £115 million, particularly on seasonal product through more rigorous clearance routines Payment terms on direct sourced product extended by 16 days 2009/10 milestones Reduce working capital by a further £50 million (at constant currencies), despite expected effects from legislative changes shortening French payment terms Download Preliminary Results announcement in PDF format (230Kb) Enquiries: Ian Harding, Group Communications Director 020 7644 1029 Nigel Cope, Head of Communications 020 7644 1030 Sarah Gerrand, Head of Investor Relations 020 7644 1032 Further copies of this announcement are available at www.kingfisher.com, or from: The Company Secretary, Kingfisher plc, 3 Sheldon Square, London, W2 6PX. Company Profile Kingfisher plc is Europe's leading home improvement retail group and the third largest in the world, with over 820 stores in eight countries in Europe and Asia. Its main retail brands are B&Q, Castorama, Brico Dépôt and Screwfix. Kingfisher also has a 21% interest in, and strategic alliance with Hornbach, Germany's leading large format DIY retailer, with over 120 stores in nine European countries. back to top Information correct as at 26 March 2009 © Kingfisher plc 2009 Disclaimer Site map Help Accessibility Mobile Search this site | andrewlewis | |
25/3/2009 22:17 | Retail recruits off to Sweden Ben Rooth March 23, 2009 A SWEDISH retailer which is defying high street gloom to open a Manchester store next month will today fly out some of its north west recruits to its headquarters for a training programme. Hardware chain Clas Ohlson will create 60 jobs when it opens for business in the Arndale Centre. It will sell more than 10,000 items at its Manchester store, from electrical goods, tools and gardening equipment to kitchen and bathroom accessories. The week-long training and team-building exercises at the company's headquarters in Insjon are intended to ensure that its newly-appointed senior executives offer customers high levels of service. They will also learn about the culture and history of the business. Among those flying off to Sweden are Michael Cowley, a former Woolworths manager, and Craig Rothwell, of Sale, a former commercial manager at recently-closed ILVA in Manchester. Mr Rothwell said: "I'm really excited to have got the job. "It's great to be part of the team from the beginning as they start out in the UK and I'm really looking forward to seeing the headquarters in Sweden." The retailer's only other outlet in the UK is in Croydon, south London, although it is planning to open up to six more around the country during 2009. It has more than 100 branches across Scandinavia and its expansion in Britain is being spearheaded by UK managing director Mark Gregory. He said: "We have been very pleased with the interest in joining the Clas Ohlson team in Manchester. "The quality of applications is also very high. Training our new recruits in the Clas Ohlson way helps to make our stores feel welcoming and our staff knowledgeable and friendly. "It's a key part of what has made the brand so popular in Sweden and is proving popular here." Head of training Robert Rahm said: "We are very excited about training the new recruits from Manchester. "We are passionate about customer service and our training programmes. We are enjoying working with them in Manchester and look forward to taking them to Sweden." | sl33py | |
25/3/2009 21:05 | westcoastrich - 25 Mar'09 - 20:48 - 5917 of 5917 Intertesting but wont help is woolies investors with empty wallets lol ! | fazersix | |
25/3/2009 20:48 | Administration followed by CVA This is less common than the Government would like to see. Basically the company enters admin to get protection from creditors. The administrator works with the company's directors to produce his/her administration proposals. Once these are accepted the administrator hands control back to the company's board. This is powerful tool though expensive and directors are not in control during the administration period. | westcoastrich | |
25/3/2009 19:37 | Give them a medal. | sl33py | |
24/3/2009 16:12 | andrewlewis- Kingfisher results due out on Thursday, could go either way from there. No opinion till results seen. | davy99 | |
24/3/2009 12:57 | Davy99 Strange that Kingfisher who was the parent company of WLW is going from strength to strength in a down market i.e. up from 100p to 140p. So there maybe something interesting happening there. Any thoughts? | andrewlewis | |
21/3/2009 14:02 | Davy99 - 21 Mar'09 - 09:29 - 5912 of 5912 Weve all been nick and pixed by someone with deep pockets! | fazersix | |
21/3/2009 09:29 | andrewlewis-No. Have a good weekend too. | davy99 | |
21/3/2009 08:43 | Davy 99 |Do you think that there is still some money in the pot for the shareholders no matter what Deloitte say? Will this thread stay open in order to pursue the matter? Have a good weekend. I just spoke to Ruth Madoff and she is angry that they are pursuing her. Just because she took $10 million out of her account for the housekeeping when her husband was arrested. Such a nice woman with all those houses to keep up and staff to pay. Who can blame her. I think she even voted for the Democrats! I suppose if my wife took out $10 million, I would be a bit miffed but Bernie didn't turn a hair, just put on a bigger bullet proof vest. | andrewlewis | |
21/3/2009 08:43 | Davy 99 |Do you think that there is still some money in the pot for the shareholders no matter what Deloitte say? Will this thread stay open in order to pursue the matter? Have a good weekend. I just spoke to Ruth Madoff and she is angry that they are pursuing her. Just because she took $10 million out of her account for the housekeeping when her husband was arrested. Such a nice woman with all those houses to keep up and staff to pay. Who can blame her. I think she even voted for the Democrats! I suppose if my wife took out $10 million, I would be a bit miffed but Bernie didn't turn a hair, just put on a bigger bullet proof vest. | andrewlewis | |
20/3/2009 23:09 | LittleBro2 - 20 Mar'09 - 22:20 - 5907 of 5908 Is normaly takes 12 months to finalise financial matter but could spill over a little by dolittles. Why rush when you have a ticket ride and law backing you ! We will receive a nick n pix as settlement of our wlw holdings lol. | fazersix |
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