Kingfisher, the owner of B&Q, downgraded its full-year guidance and said it anticipated a £31 million hit from higher employers’ national insurance contributions (NICs), prompting a 13 per cent fall in its shares. The DIY retailer narrowed its annual pre-tax profit expectations to between £510 and £540 million after worse than expected quarterly sales and warned of an “uncertain” outlook. Kingfisher had previously expected profits of between £510 and £550 million, below the £568 million in the 12 months to January 31. The group, which also owns Screwfix in the UK and Castorama and Brico Dépôt in France, said the increase in employers’ NICs announced in last month’s budget would cost an additional £31 million. Changes to tax laws announced in France are also due

Source: The Times November 25, 2024 11:43 UTC