Kingfisher Posts Drop In Profit, Plans To Close Stores

Kingfisher PLC KGFHY reported a drop in its net profit for the full year. Kingfisher's net profit for the year slipped to 573 million pounds ($852.4 million), versus a year-ago profit of GBP709 million. Its sales dropped to GBP10.97 billion from GBP11.13 billion. The company announced its plans to close around 60 B&Q stores in the U.K and Ireland. Kingfisher's board lifted its full year dividend by 1% to 10 pence per share. Kingfisher shares gained 1.79% to close at $10.81 yesterday.