Final Results - Part 1

Kingfisher PLC
14 March 2001

Part 1

EMBARGOED UNTIL 0700 HOURS
Wednesday 14 March 2001


            Preliminary results for 53 weeks ended 3 February 2001

                                                      As restated
                                           2001              2000        Change
                                             £m                £m

Group Turnover                         12,134.2          10,885.0        +11.5%
Retail Profit                             723.2             744.0         -2.8%
Profit Before Tax, exceptional
items and goodwill amortisation *         605.8             720.6        -15.9%
Exceptional Items                         103.3               2.7
Profit Before Tax*                        691.2             712.8         -3.0%
Capital investment                        942.7             816.8        +15.4%
Net debt                                1,873.8           1,020.8        +83.6%
Gearing                                    52.7%             33.4%
Earnings per share (p):
Basic                                     30.3p             30.1p         +0.7%
Adjusted:
  - before exceptional items,
goodwill amortisation, and
estimated LibertySurf losses              27.4p             31.3p        -12.5%
Dividends (per  share) (p)                15.5p             14.5p         +6.9%
*  Profits before tax are stated after deducting £17.8 million
   of charges in respect of an accounting policy change for FRS
   15 property depreciation (2000: no prior year adjustment)
   and £15.6 million of charges in respect of an accounting
   policy change for UITF 24 pre-opening costs (as restated
   2000: £13.4 million).

                            A YEAR OF STRATEGIC TRANSITION

Kingfisher, the European retailer, today announced record sales of £12.1
billion, an increase of 11%.  A number of the Group's businesses achieved
record profits. However profit before tax, exceptional items and goodwill
amortisation fell 16% to £606 million.   This reflected disappointing figures
from Woolworths and ProMarkt, together £50 million lower than last year, and a
number of non-trading factors which had a £70 million impact.  Revenue
investment was at a record level with an associated charge which was £42
million higher than last year.

The £120 million exceptional LibertySurf gain resulted in the profit before tax
being close to last year (-3%), and, with no tax payable on this exceptional
gain, Basic EPS increased 0.7% to 30.3p.

The full year dividend per share is 15.5p, a 7% increase on last year.

Summing up the year, Sir Geoffrey Mulcahy, Kingfisher's Chief Executive said:

'Despite the decline in profits, this was an encouraging year with most of our
businesses performing well.  Furthermore, we have backed our winning brands
with new space, new formats, the further development of pan-European and global
buying power and the rapid development of brand focused e-commerce.'

He continued: 'The plans we announced in September for the separation of
General Merchandise are progressing well and are on schedule for implementation
in the second quarter.  Kingfisher will then be a highly focused international
retailer. We are targeting average annual earnings growth of at least 10% over
the next five years.

'Our General Merchandise businesses are also well positioned for future growth.
Overall Superdrug, which recovered well in the second half, is now better
placed to exploit the growing health and beauty market following investment and
a change of image.

'Similar management action is in hand to improve Woolworths' operating
performance. Also the outstanding success of Big W and the General Store
promise major new growth.'

In order to clarify the situation, Kingfisher also announces today that it has
no current plans to buy out the minority shareholding in Castorama, after its
option becomes exerciseable in July.  Such a cash purchase is not considered to
be in the best interests of Kingfisher's shareholders at the moment.  In the
short term, Kingfisher's priorities will be to strengthen Castorama's
management and ensure that operational focus is placed on improving the
performance of Castorama France.

DETAILED COMMENTARY

Group turnover, at a record £12.1 billion, was ahead by 11% (14% in local
currencies), with like-for-like sales ahead by 5%.

Profit before tax, exceptional items and goodwill amortisation at £606 million
was 16% below the restated figure of £721 million for the prior year.  This
reduction is accounted for by a number of trading and non-trading factors, as
well as by the revenue investment that is being made in Kingfisher's winning
brands.

TRADING OVERVIEW

The majority of the Group's businesses achieved strong growth, between them
increasing profit by £86 million. This growth led to record profits at a number
of businesses, B&Q, BUT and Comet.

However, two businesses reported a significant profit decline in the year
totalling £50 million.  At Woolworths, profit fell by £30.9 million and
ProMarkt's losses worsened by £19.4 million.  Recovery plans are now being set
in place in each of these businesses.

NON TRADING FACTORS

Non-trading factors accounted for £70 million of the decline:

*     £17.1 million of the year on year decrease relates to the translation of
      Euro denominated profit into sterling
*     £17.8 million relates to the accounting policy change for FRS 15
*     £34.7 million relates to the year on year increase in estimated losses in
      respect of LibertySurf

The investment in LibertySurf produced an exceptional profit of £120.8 million
from the deemed disposal at the time of its flotation in March 2000.

REVENUE INVESTMENT

During the year, the Company further increased its revenue investment, building
the future strength of its brands, both off- and on-line.  This increase in
investment totalled just over £42 million:

*     e-commerce investment increased by £23.2 million
*     new formats and pre-opening costs increased by £18.9 million

The Company said that e-commerce investment peaked during the year and, with
its infrastructure largely in place, the focus will now be on driving profits
from its e-commerce operations.

In summary, trading factors (£50 million), non-trading factors and revenue
investments (£112 million), offset by the strong performance of some businesses
(£86 million), account for £76 million of the decline in profit before tax,
exceptional items and goodwill amortisation. The remainder of the shortfall
relates to a £39 million increase in the interest charge. This increase was
primarily due to the rise in the level of net debt over the year.

The inclusion of the exceptional LibertySurf gain results in a profit before
tax of £691 million, 3% below last year's restated £713 million. With no tax
payable on this gain, Basic EPS is up 0.7% at 30.3p.

The full year dividend per share is 15.5p, up 7% on last year's 14.5p, and is
covered 2.0 times by basic earnings per share and 1.8 times by adjusted
earnings before exceptional items, goodwill amortisation and estimated
LibertySurf losses.

FUNDING

Year end net debt was £1.9 billion, up from £1.0 billion at the end of last
year.  The Company increased its capital investment to a record level of £943
million in order to fund development.  This amount included the acquisition of
28 B&Q Warehouse development sites for £219 million.  Cash outflows on working
capital of £386 million reflect both higher levels of stock and £350 million of
supplier payments paid during the 53rd week of the period (which last year
would have been paid after the year end).

THE SECTORS

Commenting on the performance, Sir Geoffrey, said:

Home Improvement

'We have made real strategic progress in the Home Improvement sector.  Through
the acquisition of 28 former Homebase sites, we will further accelerate the
roll-out of B&Q Warehouse in the UK.  In France, Brico Depot is growing rapidly
and the trial Warehouse concept store opened by Castorama is achieving positive
customer response.  Real progress is being made internationally in Home
Improvement, particularly in Poland, Taiwan and China, with overall store space
increasing by almost 50%.

Electricals

'Our Electricals sector, the third largest in Europe, now has a powerful
pan-European buying organisation to support the Every-Day-Low-Pricing (EDLP)
proposition of all the national brands.  We are also seeing the success of new
store formats stemming from cross-fertilisation of experience and ideas between
our international spread of companies.  In Belgium, New Vanden Borre became the
market leader following the acquisition of the Hugo Van Praag chain.

General Merchandise

'In General Merchandise, we have had a mixed year.  Superdrug has addressed a
number of issues that contributed to a weak performance in the first half of
the year and achieved a strong profit turnaround in the second half. Woolworths
is currently implementing a similar programme and is confident of getting back
on track.  Substantial progress was made in developing Big W and Woolworths
General Store which we expect to drive strong future growth.'

e-commerce

On e-commerce he added: 'e-Kingfisher has continued to make solid progress with
nearly all of our major retail brands now trading on-line. We are convinced of
the value of having integrated 'clicks and mortar' propositions for the
customer, as evidenced by the strong performances of Screwfix and Comet in this
area. Overall, our e-commerce activity, including the investment in
LibertySurf, has already added significant value for shareholders.'

Corporate Development

Turning to the business separation, Sir Geoffrey said that a number of key
milestones have been achieved and the process was on schedule for completion
during the second quarter of this year, in line with the timetable put forward
in the announcement of the demerger in September.  These included: preparation
of the demerger listing particulars with these being filed with the UKLA at the
end of next week; Inland Revenue clearance for the demerger via exempt
distribution received; pension fund split agreed; e-commerce separation plans
finalised; and inter Group supply arrangements being set up.

Kingfisher continues to consider a number of approaches it has received for
Superdrug and Woolworths, but, as previously stated, will only pursue these if
they create better overall value for shareholders.

Kingfisher recently announced the appointment of Gerald Corbett, formerly Chief
Executive of Railtrack plc, as Executive Chairman of Woolworths and the
entertainment businesses. His brief is to lead the businesess going forward and
manage the process of separation of these businesses from the rest of the
Kingfisher Group.

Following the separation, the rationale for holding long leasehold and freehold
High Street property within the Kingfisher Group will change. Consequently,
arrangements to realise value from Chartwell's High Street property portfolio
are being actively progressed.

For further information

Media Enquiries
John Eyre                                                 + 44 (0) 20 7725 5715
Jonathan Miller                                           + 44 (0) 20 7725 5713
Gail Lavielle                                             + 33 (0) 1 43 18 52 68
Broker and Institutional Enquiries
Andrew Mills                                              + 44 (0) 20 7725 5776
Ian Harding                                               + 44 (0) 20 7725 5776
Graham Fairbank                                           + 33 (0) 1 43 18 52 26
Kingfisher plc                                            + 44 (0) 20 7724 7749
Kingfisher Website                                         www.kingfisher.co.uk


SUMMARY RESULTS

SECTOR                      Retail sales (£m)          Retail profit (£m) (1)
                                                %                          %
                          2001         2000  change     2001     2000   change
HOME IMPROVEMENTS      5,093.5      4,528.3    +12.5%    398.5    365.8   +8.9%
ELECTRICALS            3,564.9      3,188.0    +11.8%    184.0    194.3   -5.3%


GENERAL MERCHANDISE    3,358.4      3,065.5     +9.6%    140.7    183.9  -23.5%

TOTAL (2)             12,016.8     10,781.8    +11.5%    723.2    744.0   -2.8%

(1)  Retail profits stated after charges for accounting policy changes of
     £13.3 million for FRS 15 (2000:nil) and £15.6 million for  UITF 24
     (2000: £13.4 million)
(2)  Retail sectors only, excludes e-commerce development, property,
     financial services, acquisition goodwill  amortisation and other
     operating costs

The impact of a weak Euro on the Group's retail profits was £17 million.  At
constant rates of exchange the changes in retail sales and retail profit would
have been as follows:

                                       % change (at constant rates of exchange)
                                       Retail Sales               Retail Profit
Home Improvement                             +15.0%                      +11.1%
Electricals                                  +16.7%                       -0.5%
GENERAL MERCHANDISE                           +9.6%                      -23.5%
TOTAL                                        +14.0%                       -0.5%

                               SUMMARY OTHER DATA

             SECTOR  No of stores   Selling space Net change in       Employees
                                    (000s sq. m.) store numbers           (FTE)
                      2001   2000    2001    2000   2001   2000    2001    2000

HOME IMPROVEMENT       554    506 3,382.2 3,020.8     48     12  43,874  38,863
ELECTRICALS            803    733   940.4   825.5     70     35  26,155  23,760
GENERAL MERCHANDISE  1,603  1,584   925.7   852.7     19     34  27,426  25,933
KINGFISHER TOTAL     2,960  2,823 5,248.3 4,699.0    137     81  97,455  88,556

HOME IMPROVEMENT

                   £m Sales          %  £m Retail Profit (1)           %
             2001      2000     change       2001       2000      change
UK(2)     2,766.9   2,312.3     +19.7%      263.0      221.3      +18.8%
France    1,707.5   1,717.1      -0.6%      116.6      126.2       -7.6%
Other       619.1     498.9     +24.1%       18.9       18.3       +3.3%
Total     5,093.5   4,528.3     +12.5%      398.5      365.8       +8.9%
(1)   stated after charges for accounting policy changes of £9.4 million for
      FRS 15 (2000: nil) and £9.2 million for UITF 24 (2000 : £6.8 million)
(2)   Includes Screwfix

Kingfisher is the leading European Home Improvement retailer and globally
number three.  The sector operates in 11 countries with 34% of profits arising
outside of the UK.
The sector has three key strategic objectives: to grow B&Q and Castorama in the
UK and France respectively; to leverage best practice and scale across the
operating businesses; and to build a network beyond the UK and France.

During the year solid progress was made against these strategic objectives.  In
the UK, B&Q achieved record sales and profit and strengthened its leadership
position in the market. The acquisition of 28 development sites at the end of
the year will accelerate the growth of the Warehouse format in the UK.  In
France, Brico Depot continued to grow rapidly and the first Warehouse store was
opened in France, trading as Castorama L'Entrepot.

B&Q and Castorama continue to work together with benefits arising from sourcing
cost reductions being reported in the individual business's profits.

UK

The UK Repair, Maintenance and Improvement (RMI) market grew by 5.0% in the 12
months to the end of January 2001. B&Q, the UK's clear leader in Home
Improvement, grew its share of the market from 10.1% to 11.2% over this period,
further widening the gap with its competition.  Total UK sales growth for the
year was 19.7% with like-for-like growth of 7.1%.

Categories showing particularly strong growth were Building, driven by new
Outdoor Decking ranges, and Seasonal which saw strong performances from the
Garden and Christmas ranges.

As a result of B&Q's EDLP strategy, prices were lower than last year.  B&Q is
now up to 10% cheaper than its main competitors in the UK.  The margin impacts
of these lower prices were broadly offset by product cost reduction programmes
driven by increased scale.

Strategically, B&Q made great progress in the year including opening 12 new
Warehouses, bringing the total to 59, as well as acquiring the 28 new sites.
Two thirds of Warehouses now have annualised sales of over £20 million.  The
business also opened two new Supercentre stores.  B&Q again added over 100,000
square metres of space, ending the year with a total of 1.6 million square
metres.  In addition 'The DIY Store', being trialled in Warrington, is a
positive step towards a format which is expected to complement the successful
Warehouse format.

Screwfix, the specialist catalogue and internet business, continued to grow
rapidly.

FRANCE

Total sales in France, where the market grew by 2.8%, grew by 6.1% in local
currency (a decline of 0.6% on translation into sterling).  Like-for-like sales
in constant currency were ahead by 4.6%.

Castorama France, which is by far the largest of the French Home Improvement
businesses reported total sales down by 0.2% in local currency and by 6.5% on
translation into sterling, reflecting in part the transfer of five stores to
Brico Depot.  Like-for-like growth was 1.0%.   However, costs increased as a
percentage of sales which led to a reduction in profit in local currency.  The
disappointing performance from Castorama France reflects the need for more
focused management emphasis on the key drivers of performance: price, choice
and service and, accordingly, a number of changes are being made.

Brico Depot delivered excellent sales and profit growth, further underlining
the strength of this proposition as well as its increasing popularity with
trade customers.

In October 2000 a new format Casto L'Entrepot was opened at Claye Souilly near
Paris. This format was developed by a joint French, Canadian and UK team with
the objectives of testing a new format, building on the classical Castorama
format, Brico  Depot and also  reflecting best practice from the Warehouse
formats in the UK, Poland and Canada.  Initial results of this trial are
encouraging, with customers giving positive reactions to the range of products
and the prices.   A second test store will open in June in Chambery which will
contain new initiatives in the softer ranges of merchandise.

INTERNATIONAL

Further progress was made internationally in the year.  Twenty new stores
opened across all but one of the countries in which we operate.  In addition,
the acquisition of a 50% interest in five Koctas stores provided entry into
Turkey.   In total, space grew by almost 50% internationally and now stands at
over 660,000 square metres.  Sales overall increased to £619.1 million, an
increase on last year of 24.1% including a 4.0% like-for-like increase.
Profits were up 3.3% at £18.9 million.

Particularly strong progress has continued to be made in Poland and the Far
East.  In Poland both the NOMI and Castorama chains performed well.  In Taiwan
the business is achieving strong profit growth and further progress has been
made in China.

The largest international Home Improvement business is Reno Depot in Canada and
this contributed more than half of the international profit.  Performance was
affected by price deflation, especially in lumber products, and the impact of
new store costs following the expansion into Ontario.  These stores, trading as
'The Building Box', are the first outside Quebec.

ELECTRICALS

                  £m Sales              %  £m Retail Profit (1)         %
Company           2001     2000    change    2001          2000    change

Darty          1,238.5  1,162.5     +6.5%    120.0        124.7     -3.8%
Comet          1,135.1    982.0    +15.6%     40.3         37.1     +8.6%
ProMarkt (2)     605.7    541.0    +12.0%    (18.8)        (1.0)        -
BUT(3)           366.9    329.6    +11.3%     43.9         38.2    +14.9%
Other (4)        218.7    172.9    +26.5%     (1.4)        (4.7)        -
Total          3,564.9  3,188.0    +11.8%    184.0        194.3     -5.3%
(1)  stated after charges for accounting policy changes of £3.8 million for FRS
     15 (2000: nil) and £3.9 million for UITF 24 (2000: £2.7 million)
(2)  includes 12 months to 31 December 2000 and 1999
(3)  comparative figures are for 13 months
(4)  includes all electrical activities outside of the UK, France and Germany
     in addition to central sector costs

Kingfisher's Electricals business, the third largest in Europe, achieved strong
sales growth of 16.7% in local currencies with all the major brands achieving
gains in market share. The sector now operates 803 stores across nine
countries.

The sector made significant progress this year against its goal of leveraging
best practice in price, choice and service from the national businesses across
Europe.  Specific focus has been given to range management including the
introduction of new ranges.  Supply agreements are now in place with a number
of European suppliers helping to support the sector strategy. Sales of ProLine,
the pan-European own label brand, have also been strong.  New format stores,
based around a consistent model, have been implemented in Darty, Comet and
ProMarkt.

The sector's profit held steady in local currencies but declined by 5.3% on
translation into sterling, heavily impacted by the worsening of ProMarkt's
performance.  Excluding ProMarkt, profit grew by 8.3% in local currencies.  New
management has recently been introduced at ProMarkt and is focused on returning
the business to profit. There were strong performances at both Comet and BUT.

UK

The UK electricals market grew by 8.9% for the 11 month period to December 2000
with Comet, the UK's number two electricals retailer, growing its share of the
market by 0.7% to 13.3%.  Total sales growth for the year was 15.6% with
like-for-like growth of 7.6%.

EDLP was in place all year with Comet checking over 1.8 million competitor
prices to ensure best value for its customers.  Twenty new large format
destination stores were opened offering an unrivalled interactive experience
and a greater level of range and services. Also the new national call centre
handled over four million calls and processed over £40 million of sales.

Profit moved ahead by 8.6%, despite higher one-off pre-opening costs arising
from the new store programme.

FRANCE

The French electricals market grew by 5.9% in the period February to December
2000 with Darty, the market leading electrical retailer in France, continuing
to grow market share.

Darty's total sales growth for the year was 13.9% in local currency with
like-for-like growth of 10.9%. Building on its strength as the leading
specialist in the market, Darty was able to take advantage of the shift towards
new technologies, through initiatives to improve both range and service in
areas such as home installation and training for multi-media products. These
initiatives, combined with an acceleration in the store opening and
refurbishment programme, contributed to strong sales growth and market share
gains.

Darty's profit for the year grew by 2.6% in local currency (down 3.8% on
translation into sterling), reflecting the impact of the shift into lower
margin new technology products.

BUT, the electricals and furniture retailer, grew sales by 18.7% in local
currency, 7.5% on a like-for-like basis. Significant progress was made in
rolling-out the new look stores with 30 converted by the year end. BUT also
acquired 14 franchisee stores in the year.  Growth came from all categories
with significant growth in sales of new technology products, supported by
improvements made in the supply chain.

BUT's profit grew very strongly by 22.6% in local currency  (14.9% on
translation into sterling).  This performance is even more encouraging when
considering that the prior year results covered a 13 month period.

GERMANY

The German electricals market grew by 5.7% in the year to December 2000.
ProMarkt,  grew sales in local currency by 20.4% over the same period.  This
sales growth was driven by 14 new store openings but, on a like-for-like basis,
sales declined by 4.3%.

The worsening financial performance in Germany was disappointing, reflecting in
part a competitive market but also the short-term costs of introducing the key
operational changes needed for future growth. These included central buying,
category management and central distribution.

A new management team is now focused on turning around the business.
Particular emphasis is being given to improving operational execution,
accelerating the benefits of centralisation and reducing costs.

Other International

New Vanden Borre is now the number one electrical retailer in Belgium following
the acquisition and integration of the 30-store Hugo Van Praag chain during the
year.    BCC, the Dutch electricals retailer, performed strongly and is
planning a significant expansion in 2001.  Also, Kingfisher acquired a 60%
majority share in Datart, the number one electrical retailer in the Czech and
Slovak Republics which operates 16 out-of-town superstores.

The results also include a small loss at Electric City prior to its disposal.

GENERAL MERCHANDISE

                   £m Sales          %     £m Retail Profit (1)     %
Company             2001     2000   change        2001      2000   change

Woolworths      1,941.2   1,844.4    +5.2%      91.0       121.9   -25.3%
Superdrug         902.1     842.3    +7.1%      35.0        41.5   -15.7%
New                83.2      16.0        -     (11.9)       (4.7)      -
                                                                   
Formats (2)
Other (3)         431.9     362.8   +19.0%      26.6        25.2    +5.6%
Total           3,358.4   3,065.5    +9.6%     140.7       183.9   -23.5%
(1)  stated after charging £2.5 million for accounting policy change under
     UITF24 (2000: £3.2 million)
(2)  Big W and Woolworths General Store
(3)  EUK, MVC  and VCI

The two major businesses, Woolworths and Superdrug, both saw profit declines
due to a combination of factors.   In the case of Superdrug, following a profit
decline in the first half, a recovery plan was put in place which led to second
half profits returning to last year's levels.  A similar programme is now
underway at Woolworths, which is expected to lead to an improved performance.

Major progress has been made in the development of the two new Woolworths
formats, Big W and Woolworths General Store, aimed at the destination and
convenience ends of the market respectively.

Superdrug

Superdrug continued its repositioning as a health and beauty specialist.   The
health and beauty market in the UK continues to enjoy growth,fuelled by an
increase in spending on personal well being.   However, the toiletries market
has continued to experience price deflation and increasing competition.

The investment in the brand, including new formats and pharmacies, has placed
Superdrug in a strong competitive position in health and beauty. With a sales
increase of 7.1% (10.8% in the second half) equating to 2.8% like-for-like
growth (5.0% in the second half), Superdrug increased its share of the health
and toiletries market by 0.2% points to 9.0%. The business opened eight new
stores in the year, relocated ten stores and extended seven.  In addition, 24
new pharmacies, making 224 in total, were opened and 51 stores refurbished.

During the first half, Superdrug experienced a £7.3 million profit decline
caused by a number of factors, including poor price competitiveness and product
availability.  The second half saw a new management team committed to
delivering great value to customers through competitive pricing, a more focused
promotional programme and improved availability.  Additionally, a focus on
choice has seen merchandise ranging improved.  This has led to greater emphasis
on satisfying local customer needs with, for example, fine fragrances being
extended to more stores.

As a result, a strong turnaround in profitability was achieved during the
second half of the year, along with the restoration of Superdrug's reputation
for excellent value on the High Street.

Woolworths

Overall sales at Woolworths grew by 5.2%, with like-for-like sales up 1.8% and
the balance of growth coming from new space.  During the year there were nine
new  stores along with three extensions and four relocations, accelerating the
investment for future growth.  Also, seven stores were converted into
Woolworths General Stores.

The most significant impact on Woolworths' profitability was the level of
margin which reflected both the intense competitive environment and a different
sales mix.   Woolworths achieved relatively strong performance in lower margin
categories, such as Entertainment, Mobile Communications and Toys, but had a
relatively weak performance in higher margin categories, such as Clothing and
Home.

In particular, in Entertainment, which is Woolworths' largest category and
where the business is the market leader in pre-recorded videos, early action
was taken to reduce prices to ensure that the business was fully competitive.
This led to an increase in market share but reduced margins as the expected
scale-based cost reductions from suppliers have yet to come through fully.

Overall, the growth in cash margins was insufficient to cover the planned
increase in the cost base. This led to the 25.3% fall in profit.

Looking forward, an action plan is now underway aimed at restoring Woolworths
to profitable growth as quickly as possible.  Management focus is being applied
to improving sales productivity, margin performance and cost efficiencies.

New Formats

Big W opened six stores taking the total to eight.  Two stores became the first
Kingfisher stores to take over £1 million in a week.  The format continues to
perform well with plans to open 54 Big W stores by 2005.  New ranges in these
stores (jewellery, car care and sporting goods) are expected to drive sales
further.

Woolworths General Store opened all seven of its stores, converted from
Woolworths mainchain, during the year.  The business continues to show real
promise with the trial stores recording sales productivity significantly higher
than the ones they replaced.  A further 27 General Stores are planned for
opening during 2001, six of which will be greenfield sites and the remainder
conversions of existing Woolworths stores.

Other

EUK, the UK's leading distributor of music and video, performed strongly, more
than doubling DVD sales and delivering a 15% growth in CD albums.  During the
year it opened a new automated distribution centre at Greenford, believed to be
the largest dedicated entertainment distribution centre in Europe.  In
addition, EUK, building on its leadership position in the entertainment market,
successfully launched its e-commerce fulfilment business, EUK Direct, while
also preparing itself for the digital business, including digital downloading
and 'CD burning'.

MVC continued to grow sales strongly and opened five new stores taking the
total to 88 at the year-end.  VCI, the music and video publishing businesses
grew its sales by 14%.

PROPERTY

Chartwell Land, Kingfisher's specialist retail property company, increased
operating profit by 13% to £85.9 million (2000: £76.0 million).  Total returns
comprising operating profit, profit on investment property sales and the
portfolio revaluation surplus, were £138.7 million (2000: £230.0 million).

The reduction in total returns took place against the backdrop of a sharp fall
in investor sentiment towards retail property, particularly in the High Street.
Although down on last year, the capital growth of the retail warehouse
element of the portfolio continued to perform ahead of the High Street.   The
total revaluation surplus was £56.3 million (2000: £140.1 million).

Of the total gross rents of £107.2 million, £78.2 million (73%) came from group
tenants.  Development activity reported a profit of £3.0 million (2000: £0.9
million loss).

During the year Chartwell Land's activities continued to provide new retail
space for Group businesses.  Two new B&Q Warehouses were completed, along with
stores for Woolworths and Comet.  Gross assets at the end of the year were
valued at £1.7 billion compared to £1.6 billion at the previous year end.

As a result of the intended separation, Chartwell Land's property portfolio
will be split.  The business will continue to be wholly owned by Kingfisher,
sharpening its focus as a major specialist property owner in the retail
warehouse market.  Following the separation, the rationale for holding long
leasehold and freehold High Street property within the Group will have changed.
Consequently, arrangements to realise value from Chartwell's High Street
property portfolio are being actively progressed.

E-COMMERCE

e-Kingfisher was created during the year to accelerate the development of
alternative sales channels and to maximise the sharing of experience throughout
the Group. During the year several sites were launched or revamped with
expanded product ranges and by the year-end nearly all of the Group's major
brands were successfully selling on-line. The combination of strong brands,
backed up by established sourcing and fulfilment capabilities, has proved to be
critical to the success of a 'clicks and mortar' operation.

This formula has worked particularly well at Screwfix, which grew sales by over
70%, and Comet, which has grown its pure internet sales strongly in the year,
significantly ahead of its targets.

During the year e-commerce costs, including estimated LibertySurf losses,
increased from £24.0 million to £81.9 million. The realisation of the
investment in LibertySurf led to an exceptional gain of £120.8 million.

KINGFISHER DATA BY SECTOR AND COMPANY

HOME IMPROVEMENT SECTOR
Company     Store nos.     Selling space         Net new stores       Employees
                            (000s sq.m.)            planned for           (FTE)
                                                      2001/2002
B&Q                301           1,604.5                     17          18,834
Castorama          148           1,114.6                      7          13,818
Other              105             663.1                     29          11,222
TOTAL              554           3,382.2                     53          43,874


ELECTRICAL SECTOR
Company     Store nos.     Selling space         Net new stores       Employees
                            (000s sq.m.)            planned for           (FTE)
                                                      2001/2002
Darty              179             206.2                      8           9,659
Comet              260             219.3                      0           8,298
Promarkt           194             216.3                      6           3,775
BUT(1)              78             227.8                      4           2,722
Other               92              70.8                      8           1,701
TOTAL              803             940.4                     26          26,155


GENERAL MERCHANDISE SECTOR
Company       Store nos.     Selling space        Net new stores      Employees
                              (000s sq.m.)           planned for          (FTE)
                                                       2001/2002
Woolworths           797             616.0                   (18)        17,384
Superdrug            703             209.5                     3          6,738
Other (2)             88              31.2                     1          2,002
New Formats           15              69.0                    34          1,302
TOTAL              1,603             925.7                    20         27,426

KINGFISHER         2,960           5,248.3                    99         97,455
TOTAL

(1) The figures for BUT include only those stores consolidated in the Group's
    figures. BUT also operates 149 non-consolidated franchises with 367,000 sq
    metres of selling space and 3,800 (FTE) employees.
(2) MVC stores only

FINANCIAL REVIEW

Shareholder Return and Dividends

Basic earnings per share increased by 0.7% to 30.3p.  Exceptional items and
acquisition goodwill amortisation contributed 6.2p (2000: 0.6p) and estimated
LibertySurf losses reduced the earnings per share by 3.1p (2000: 0.6p).  As a
result, adjusted earnings per share before exceptional items, acquisition
goodwill amortisation and estimated LibertySurf losses fell by 12.5% to 27.4p
(2000: 31.3p). The revaluation surplus of £53.9 million on the Group's property
portfolio was equivalent to an increase in shareholder value of 3.9p per share.

The Board has proposed a final dividend of 11.25p per share making the total
dividend for the year of 15.5p per share.  This represents an increase of 6.9%
and is covered 1.8 times by adjusted earnings before exceptional items,
acquisition goodwill amortisation and estimated LibertySurf losses.

Cashflow and Investment in the Businesses

Over the 53 week period, net debt increased from £1,020.8 million at the start
of the period to £1,873.8 million by the year end.  Cash generation across the
Group remained healthy with £563.2 million being generated from operating
activities before tax.  The impact of payments to UK suppliers in the 53rd week
(which last year would have occurred after year end) is estimated to have
increased year end net debt by £350 million.

Net capital investment for the year of £942.7 million was £125.9 million up on
last year.  Net capital expenditure was £809.7 million, up 37%, as the enlarged
Group continues to expand and improve its store portfolio and supporting
infrastructure. Expenditure on acquisitions resulted in a further cash out flow
of £133.0 million.

Interest

Net interest payable increased by £39.1 million to £76.6 million.  This
increase reflects the overall rise in net debt over the period resulting from
the level of investment in our future growth strategy.

Profit on the disposal of operations

The profit on the disposal of operations includes the gain arising on the
deemed disposal in respect of shares issued by Liberty Surf Group S.A. (£120.8
million); the loss on the sale of certain trading assets of Electric City
(Singapore) Pte Limited (£13.3 million); and the loss on sale of the Andre
Deutsch business (£1.4 million).

Demerger costs

Costs of £8.8 million have been incurred in implementing the planned demerger.
These  costs are principally fees incurred directly as a result of the demerger
project and have been charged as a non-operating exceptional item.

Taxation

The effective overall tax rate on profit before tax has reduced to 24.7% (2000:
28.7%), principally as a result of the exceptional gain arising on the
flotation of LibertySurf on which no tax is payable.

The effective rate on profits before goodwill and exceptional items decreased
from 28.4% to 28.1% and the rate on current year profits has reduced from 29.9%
to 28.4%. The current year rate has come down because statutory rates have
fallen in both the UK and France, because tax relief on capital expenditure has
been running ahead of the corresponding accounting charge and because of
intra-group financing arrangements. In this financial year the rate is expected
to rise to just over 31% as the Group will adopt the requirements of FRS19 on
deferred taxation.

Acquisitions, Investments and Disposals

During the year the Group made a number of acquisitions, investments and
disposals.  In the cases where goodwill arises this has been capitalised and is
being amortised in accordance with Group policy.

The Group made the following significant acquisitions during the year:

*     On 31 January, the Group acquired the assets and business of Hugo van
      Praag, a Belgian electrical retailer.  Total consideration was £23.9
      million giving rise to goodwill of £20.9 million.
*     On 19 June 2000, the Group acquired the remaining 40% of Promarkt Holding
      GmbH & Co KG, which it did not already own.  Consideration was satisfied
      by the disposal of the Group's 55% stake in Tangens GmbH and the payment
      of £13.9 million giving rise to goodwill of £41.4 million.

In addition to the above the Group acquired the following subsidiaries and
joint venture:

*     a 60% share of Datart International A.S.
*     an 85% share of Streets Online Limited
*     a 50% share in Koctas Yapi Marketleri Ticaret A.S.

The total consideration for these and other investments amounted to £69.4
million giving rise to goodwill of £35.7 million


In addition, on 10 January 2001, the Group disposed of certain trading assets
of Electric City (Singapore) Pte Limited.  Consideration received was £5.9
million and an exceptional loss on termination of the business of £13.3 million
has been included in the Profit and Loss Account.

LibertySurf

The Group's investment in Liberty Surf Group S.A. (LibertySurf) was acquired in
1999 at a cost of £34.9 million.  In March 2000, on the flotation of
LibertySurf, the Group recognised an exceptional gain of £120.8 million arising
on the deemed disposal of shares issued by LibertySurf.  After adding the
exceptional gain to and deducting the cumulative estimated losses of £49.3
million from the original cost, the carrying value of the investment now stands
at £106.4 million.
On 8 January 2001, the Group announced that it has entered into an agreement
with Tiscali, the European Internet Service Provider, to sell its entire
shareholding in LibertySurf.  The agreement provides for consideration in the
form of a combination of cash and shares in Tiscali and is expected to be
completed in March 2001.

Dividend

The final dividend for the year ended 3 February 2001 will be paid on 15 June
2001 to shareholders on the register at close of business on 6 April 2001,
subject to the approval of shareholders at the Company's Annual General
Meeting, to be held at 11.00 a.m. on 23 May 2001 at The Dorchester Hotel,
London.  A scrip dividend alternative will be offered to shareholders.

Accounting changes

Financial Reporting Standard 15 'Tangible Fixed Assets' has been adopted and
consequently a charge for depreciation on buildings is included for the first
time.  As required by the Standard, the provision for depreciation has been
dealt with prospectively and there is no restatement of prior year figures.
The additional depreciation provided in the year ended 3 February 2001 was £
17.8 million.

During the period the Urgent Issue Task Force Abstract 24 'Accounting for
start-up costs' came into effect and required a review of the Group's policies
in respect of pre-opening costs for new stores.  As a result, certain costs
previously depreciated over two years are now required to be expensed
immediately.  The cumulative effect on the Group's reserves at 29 January 2000
was £19.1 million and this change has been accounted for as a prior period
adjustment.  Previously reported figures have been restated accordingly.  The
impact of adopting the new policy on the year ended 29 January 2000 has been to
reduce the previously reported profit before and after tax by £13.4 million.

Annual report and accounts

The Summary of Group Results, Consolidated Balance Sheet, Consolidated Cash
Flow Statement, Consolidated Statement of Total Recognised Gains and Losses and
extracts from the notes to the accounts are extracted from the Group's Report
and Accounts. The auditors have made a report on the Group's statutory accounts
under section 235 of the Companies Act 1985 which does not contain a statement
under sections 237 (2) or (3) of the Companies Act and is unqualified. The
statutory accounts will be filed with the Registrar of Companies in due course.

Copies of the annual report and accounts will be posted to shareholders no
later than                                     23 April 2001.

Further copies of this announcement can be downloaded from the website
www.kingfisher.co.uk or by application to:

The Company Secretary
Kingfisher plc
North West House
119, Marylebone Road
London
NW1 5PX


KINGFISHER plc AND SUBSIDIARY COMPANIES 
Summary of Group Results 
For year ended 3 February 2001 
      
                                                                     Restated 
  £ millions                                     Note        2001        2000 
  Group turnover                                    1    12,134.2    10,885.0 
  Group operating profit                                                      
  Home Improvement                                          398.5       365.8 
  Electrical                                                184.0       194.3 
  General merchandise                                       140.7       183.9 
  Property                                                   85.9        76.0 
  e-commerce & other new channels                           (81.9)      (24.0) 
  Exceptional item - operating                      3         5.8       (3.5) 
  Other operating costs                                     (44.8)      (37.9) 
  Acquisition goodwill amortisation                         (17.9)      (10.5) 
  Group operating profit                            2       670.3       744.1 
  Exceptional items - non-operating:                                          
  Gain on deemed disposal of Liberty                                          
  Surf Group S.A.                                   3       120.8           - 
  Loss on the sale of operations and                                          
  Group restructuring                               3       (23.5)          - 
  Profit on disposal of properties                  3         0.2         6.2 

  Profit before interest                                    767.8       750.3 
  Net interest payable                              4       (76.6)      (37.5) 

  Profit before tax                                         691.2       712.8 
  Taxation                                          5      (170.8)     (204.4) 
  Profit after tax                                          520.4       508.4 
  Minority interests                                       (104.9)      (99.4) 
  Profit for the financial year                             415.5       409.0 
  Dividends                                                (214.8)     (198.2) 

  Retained profit for the year                              200.7       210.8 

  Earnings per share (pence) -                      6                         
  Basic                                                      30.3        30.1 
  Diluted                                                    29.6        28.9 
  Adjusted basic                                             27.4        31.3 
  Adjusted diluted                                           26.8        30.0 
 
Group Balance Sheet 
As at 3 February 2001 
 
                                                                     Restated 
  £ millions             Note                    2001                    2000 
  Fixed assets                                                                
  Intangible assets                             508.9                   400.9 
  Tangible                                    4,139.6                 3,432.5 
  assets                                                                      
  Investments in                                                              
  joint ventures                                                              
  Share of gross                   142.3                   109.0              
  assets                                                                      
  Share of gross                  (107.1)        35.2      (93.1)        15.9 
  liabilities                                                                 
  Investments in                                123.4                    39.2 
  associates                                                                  
  Other investments                             135.9                    40.3 
                                              4,943.0                 3,928.8 
  Current assets                                                              
  Development work in                            89.2                    96.7 
  progress                                                                    
  Stocks                                      2,095.5                 1,669.4 
  Debtors due within                            973.5                   662.2 
  one year                                                                    
  Debtors due after                              22.2                   146.8 
  more than one year                                                          
  Securitised                                              303.8              
  consumer                                                                    
  receivables261.1                                                            
  Less: non-recourse                             49.3     (234.5)        69.3 
  secured                                                                     
  notes(211.8)                                                                
  Investments                                   168.6                   352.3 
  Cash at bank and in                           120.1                   156.6 
  hand                                                                        
                                              3,518.4                 3,153.3 

  Creditors                                                                   
  Amounts falling due                        (4,003.9)               (3,377.1)  
  within one year                                                             

  Net current                                  (485.5)                 (223.8) 
  liabilities                                                                 

  Total assets less                           4,457.5                 3,705.0 
  current liabilities                                                           
     
  Creditors                                                                   
  Amounts falling due                          (881.1)                 (626.0) 
  after more than one year                                                      
  Provisions for                                (19.7)                  (18.6) 
  liabilities and charges                                                       
                                              3,556.7                 3,060.4  
  Capital and                                                                 
  reserves                                                                    
  Called up share                               174.6                   171.0 
  capital                                                                     
  Share premium                                 345.9                   255.2 
  account                                                                     
  Revaluation reserve                           574.1                   534.4 
  Non-distributable                             148.2                   148.2 
  reserves                                                                    
  Profit and loss                             1,740.3                 1,500.7 
  account                                                                     

  Equity                    7                 2,983.1                 2,609.5 
  shareholders'                                                               
  funds                                                                       
  Equity minority                               573.6                  450.9  
  interests                                                                   
                                              3,556.7                3,060.4  
 
 
Consolidated Cash Flow Statement 
For the financial year ended 3 February 2001 

                                                                              
  £ millions                                      Notes       2001       2000 
  Net cash flow from operating activities             8      563.2      863.8 

  Returns on investment and servicing of                                      
  finance                                                                     
  Interest received                                           26.8       31.5 
  Interest paid                                             (112.0)     (68.2) 
  Interest element of finance lease rental                    (1.2)      (4.0) 
  payments                                                                    
  Dividends paid by subsidiaries to minorities               (27.9)     (20.2) 
  Net cash outflow from returns on                          (114.3)     (60.9) 
  investment and servicing of finance                                         

  Taxation                                                                    
  UK Corporation tax paid                                   (109.9)    (127.8) 
  Overseas tax paid                                          (51.5)     (73.0) 
  Tax paid                                                  (161.4)    (200.8) 

  Capital expenditure and financial investment                                
  Payments to acquire intangible fixed assets                (22.5)      (5.6) 
  Payments to acquire tangible fixed assets                 (857.2)    (659.2) 
  Receipts from the sale of tangible fixed                    47.5       74.9 
  assets                                                                      
  Payments for additions to investments                      (31.2)     (14.2) 
  Receipts from sale of investments                              -        3.4 
  Purchase of own shares                                     (64.4)         - 
  Net cash outflow from capital expenditure                 (927.8)    (600.7) 
  and financial investment                                                    

  Acquisitions and disposals                                                  
  Purchase of subsidiary and business                       (117.3)    (187.5) 
  undertakings                                                                
  Net cash acquired with subsidiary                              -        4.8 
  undertakings                                                                
  Payments for additions to joint                            (15.7)     (39.4) 
  ventures/associated undertakings                                            
  Net cash outflow in relation to planned                     (3.2)         - 
  divestment                                                                  
  Disposal of subsidiary undertakings                          5.9          - 
  Issue of shares by group companies to                       29.1       58.7 
  minority shareholders                                                       
  Net cash outflow from acquisitions and                    (101.2)    (163.4) 
  disposals                                                                   

  Equity dividends paid to shareholders                     (146.6)    (146.4) 
  Management of liquid resources                                              
  Net movement of short term deposits                          4.2      120.2 
  Net sale/(purchase) of short term                          183.7      (39.9) 
  investments                                                                 
  Net cash inflow from management of liquid                  187.9       80.3 
  resources                                                                   
  Financing                                                                   
  Issue of ordinary share capital                             53.2       10.8 
  Capital element of finance lease rental                     (2.4)      (8.8) 
  payments                                                                    
  Net increase in loans                                      630.5      379.2 
  Net cash inflow from financing                             681.3      381.2 
                                                                              
  (Decrease)/increase in cash                                (18.9)     153.1 

Reconciliation of Net Cash Flow to Movement in Net Debt 
For the financial year ended 3 February 2001 
                                                                 
  £ millions                                              2001       2000       
  Net debt at start of year                           (1,020.8)    (693.4)    
  (Decrease)/increase in cash                            (18.9)     153.1      
  Debt in subsidiaries acquired                           (0.8)     (44.5)     
  Net movement in short term deposits                     (4.2)    (120.2)    
  Net (increase)/decrease of short term investments     (183.7)      39.9       
  Change in market value of investments                      -        0.7       
  Net increase in debt and lease financing              (630.5)    (379.2)    
  Foreign exchange effects                               (14.9)      22.8       
  Net debt at end of year                             (1,873.8)  (1,020.8)  
 
Consolidated Statement of Total Recognised Gains and Losses 
For the financial year ended 3 February 2001 
                                                                    Restated  
  £ millions                                               2001      2000      
  Profit for the financial year                           415.5     409.0     
  Unrealised surplus on revaluation of properties          53.9     142.0     
  Non-distributable reserve arising on the combination                        
  of B&Q and Castorama                                        -       1.9       
  Minority increase in Castorama                           (0.9)     21.2      
  Exchange adjustments offset in reserves                   7.9     (46.4)    
  Tax on exchange adjustments offset in reserves            2.9      (6.8)     
  Total recognised gains and losses relating to the       479.3     520.9     
  year                                                                        
  Prior period adjustment                                 (19.1)        -       
  Total gains and losses recognised since last annual                         
  report                                                  460.2     520.9     
 

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