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Article: Can stricken Kingfisher learn to fly again? After unexpectedly bad figures, the sudden decision to demerge the retail giant has left investors doubting Sir Geoff Mulcahy's strategy. He defended it to Lauren Mills
- Article from:
- The Sunday Telegraph London
- Article date:
- September 17, 2000
- Author:
CopyrightCopyright 2000 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
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Sir Geoffrey Mulcahy looked even more dishevelled and even less
happy than usual at the end of last week. Two days of searing
criticism of his decision to split Kingfisher, the retail
conglomerate it has taken him 18 years to piece together, had begun
to take their toll.
Last Wednesday, Mulcahy shocked the City when he announced plans
to demerge Woolworths and Superdrug from Kingfisher's DIY and
electricals division, which includes B&Q and Comet in the UK and
Castorama and Darty in France.
Shock turned to anger when Kingfisher revealed half-year results
worse than even the most conservative forecasts and made a profit
warning for the full year. Profits for the six months to July 29
were down ...