Kingfisher, owner of Brico Depot and Praktiker, reports EUR 10 million in losses for H1 2018

Razvan Zamfir 20/09/2018 | 09:32

British DIY chain Kingfisher, the owner of Brico Depot and Praktiker, reported a loss of over EUR 10 million in Romania in the first half of this year.

The company said in its last report that the loss appeared because of the consumer uncertainty following the change of Praktiker Romania owner.

Local sales of the British group climbed more than 80 percent in the first six months to EUR 106.8 million. In the second quarter, sales amounted to EUR 62.5 million. Last year, the group managed to make profit in Romania, backed by the acquisition of the Praktiker network.

Kingfisher had at the end of the second quarter 38 stores on the Romanian market, with a total of 2,477 employees. The company completed the acquisition of Praktiker Romania from Turkish businessman Omar Susli in early December 2017.

The British paid EUR 22 million, and the transaction doubled the presence of Kingfisher in Romania and propelled the company to second place on the market after Romanian Dedeman.

At group level, Kingfisher reported a profit of EUR 454 million in the first 6 months of 2018, down 13.5 percent over the 2017 equivalent period. Total sales exceeded EUR 6.75 billion.

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