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Kingfisher is aiming to convert the Praktiker stores in Romania that it acquired in August 2017 to its Brico Dépôt format by spring 2019. The UK store chain has been operating this format in Romania since 2013. The three Praktiker stores in Arad, Braşov and Piteşti will close, however, following the closure of another four of the original 27 Praktiker stores shortly after their acquisition by Kingfisher.
"The ambition of our group is to become a leader in the home improvement market, an objective that will increasingly be shaped by our medium and long term strategy," says Adela Smeu, CEO of Brico Depôt Romania.
With 38 stores and an overall retail area of 273 000 m², Kingfisher is number two in the Romanian home improvement market after Dedeman. The takeover of the Praktiker stores has enabled the British company to increase its sales in Romania in the first 6 months of fiscal 2018/2019 by 82.3 per cent to GBP 95 mio. Like-for-like sales grew by 3.5 per cent. However, the half-year report indicates that Kingfisher is still not earning any money there, as the retail loss has risen to GBP 9 mio, reflecting customer uncertainty following the change of ownership of Praktiker Romania.
"The ambition of our group is to become a leader in the home improvement market, an objective that will increasingly be shaped by our medium and long term strategy," says Adela Smeu, CEO of Brico Depôt Romania.
With 38 stores and an overall retail area of 273 000 m², Kingfisher is number two in the Romanian home improvement market after Dedeman. The takeover of the Praktiker stores has enabled the British company to increase its sales in Romania in the first 6 months of fiscal 2018/2019 by 82.3 per cent to GBP 95 mio. Like-for-like sales grew by 3.5 per cent. However, the half-year report indicates that Kingfisher is still not earning any money there, as the retail loss has risen to GBP 9 mio, reflecting customer uncertainty following the change of ownership of Praktiker Romania.
