The logic was that, by selling even more of these across the group, Kingfisher would be able to extract better terms from suppliers. It is an approach similar to the one that has served German hard discounters Aldi and Lidl well in the grocery market.
Her problem was trying to impose that kind of order on a business that sprawls from Ireland in the west to Russia in the east via Spain, Portugal, Romania, Poland and the UK in between - and which trades under a number of different formats. Mr Laury's diagnosis was correct - but she sought to roll out her strategy while, at the same time, closing unprofitable stores, trying to build on the group's online presence and rolling out a single IT system across the group.
Mr Garnier, who has spent the last 20 years at French hypermarket giant Carrefour, will benefit from some of that work. The big question investors have is the extent to which he will be allowed to go further and be more radical.
In September, when Kingfisher's half year results were published, company chairman Andy Cosslett made clear that the board had been supportive of Ms Laury's One Kingfisher strategy and that the only problem had been in her execution of it. Today though, the new man indicated some of the remedial work could be put on hold, saying: "Our priority is to fix our operational issues - particularly in IT and supply chain in France - and refocus our efforts.
In the meantime, a consumer slowdown across Europe is also adding to Kingfisher's difficulties, even though - as it approaches the first anniversary of the 'gilet jaunes' protests in its key French markets - year-on-year comparisons are about to get easier.
As Kate Calvert, retail analyst at stockbroker Investec, told clients today: "It is hard to find a positive in Kingfisher's Q3 update. James Grzinic and Frederick Wild, the retail analysts at stockbroker Jefferies, added: "Commentary from Mr Garnier in his first results outlook statement suggests a fuller picture of how to stabilise performance and trading will be presented with the full year results in March.
In theory, Kingfisher has a lot going for it. It is the world's fourth largest do-it-yourself and home improvements retailer and the largest in Europe, where the housing stock tends to be older, providing ample opportunities to sell to hundreds of millions of people looking to do up their properties. Founded in by Richard Block and David Quayle, the retailer was bought first by Woolworths in the early s, before the group was sold to Kingfisher.
From early , the group has been undergoing a five-year transformation strategy under the One Kingfisher banner, designed to leverage its scale. This is focused on creating a unified and unique offer across the whole business, driving digital capability and optimising operational efficiency. Kingfisher has been investing heavily in digital across the group, improving fulfilment and mobile to drive online growth.
It is also overhauling its systems in a bid to drive efficiency and make the business more agile. The share price, meanwhile, is finding new five year lows.
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