Retail Giant Repays Covid-19 Support and Hires 3,500 New Colleagues
- Kingfisher plans to return £130m in business rates relief received due to Covid-19 crisis
- FY 20/21 adjusted profit-before-tax will include £85m of non-recurring cost savings
- Strong sales performance since stores reopened in late April and early May
- CEO Thierry Garnier credits government support, company’s actions, and ‘Powered by Kingfisher’ strategy for growth and new hires
Kingfisher has announced its intention to return the full amount of business rates relief it received due to the Covid-19 crisis, totaling approximately £130m. The company expects FY 20/21 adjusted profit-before-tax to include £85m of non-recurring cost savings net of any one-off Covid-related costs. Since reopening stores in late April and early May, Kingfisher has experienced strong sales performance driven by increased demand for home improvement across markets and the progress made under its ‘Powered by Kingfisher’ strategy. CEO Thierry Garnier credits government support, company actions, and online adaptations for growth and hiring 3,500 new colleagues.
Factuality Level: 10
Factuality Justification: The article provides accurate information about Kingfisher’s decision to return the business rates relief received due to Covid-19 crisis, mentions the amount of relief and its impact on profit-before-tax, and includes a statement from the CEO explaining the company’s actions during the pandemic and their reasoning for returning the relief. It is factual, objective, and relevant to the main topic.
Noise Level: 2
Noise Justification: The article provides relevant information about Kingfisher’s decision to return the business rates relief received during the Covid-19 crisis and highlights the company’s actions to protect jobs and adapt to the pandemic situation. It also mentions the CEO’s perspective on the government support and their growth throughout the Group. The article stays on topic without diving into unrelated territories.
Financial Relevance: Yes
Financial Markets Impacted: UK retail sector
Financial Rating Justification: The article discusses Kingfisher’s decision to return business rates relief received due to Covid-19, impacting its profit-before-tax and the UK retail sector.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article.
www.retailsector.co.uk