LONDON, April 18 Kingfisher PLC,
Europe's largest DIY retailer, has acquired 15 stores in Romania
from French retail company Group Bresson for an undisclosed sum,
Kingfisher said on Thursday.
Kingfisher said there was a strong DIY culture among
homeowners in Romania and there was scope to expand to around 50
stores in the longer term.
The stores recorded sales of 131 million euros in 2012 and
core earnings of 5 million euros, a statement from Kingfisher
The deal is planned to complete in the next two months and
is expected to be earnings neutral in the first year.
The newly acquired stores will be converted into Brico Depot
stores, Kingfisher's French format.
"The Brico Depot store model has proved very successful in
France and Spain, and we have said before that it has the
potential for further international expansion," said Ian
Cheshire, Kingfisher's Group Chief Executive.
"The home improvement market in Romania has solid growth
potential and the stores we are acquiring are in good
The deal increases Kingfisher's selling space by 2 percent,
and takes its total store numbers to around 1,050 in nine
countries in Europe and Asia.
Shares in Kingfisher, which is listed on the London Stock
Exchange, opened up 0.1 percent at 292.7 pence.