B&Q chief executive joins Netto

B&Q chief executive Michael Loeve is to become executive vice president of Netto International.

Michael Loeve
Michael Loeve

Jean-Paul Constant, the chief sales and retail operations officer of B&Q’s parent company Kingfisher, will also take on additional responsibilities and work alongside Loeve until he leaves.

Loeve, a Dane, helped lead the One Kingfisher transformation plan. He will be in charge of Netto in Denmark, Germany, Poland and Sweden. He joined B&Q in 2015, replacing Kevin O'Byrne.

Kingfisher chairman Daniel Bernard will also leave in June.

In March, Underlying pre-tax profits of £787m for the year to January 31 were up from £686m a year earlier, after seeing B&Q like-for-like sales lift by 3.5 per cent.

B&Q total sales declined by 3.3% to £3,680 million reflecting planned store closures partly offset by sales transference. 

Like-for-like sales increased by 3.5% of which 2.6% resulted from sales transference associated with the store closures. LFL sales of seasonal products were up 3.1% while sales of non-seasonal products, including showroom, were up 3.6%.


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