DIY giant B&Q sales dropped by 5.5% in its 4th quarter, the largest fall for international parent group Kingfisher, which reported its results this morning (Feb 19).
The retailer last month called a review of its £45m advertising account. Incumbent JWT was expected to re-pitch against Rapier, which was appointed on an interim basis.
The move followed the departure of marketing director Jo Kenrick at the end of last year, and the assignment of marketing responsibilities to new customer and employee brand director Rob Bacon, who joined from Carphone Warehouse.
The group revealed this morning it expects B&Q like for like sales to be down 6.5% for the full year to January 31st. It admitted heavy discounting at B&Q in January, which saw it offer kitchens and bathrooms for half price, knocked £17m from its margins. However, it says “strong cost controls” offset the loss.
Group chief executive Ian Cheshire says the group is now in “good shape” to deal with the “very challenging year ahead” as it has a “strong and experienced management team in place” and “retail brands with strong value positions.”