There were no major surprises in Kingfisher’s H1 FY22/23 performance. The group’s lfl sales came in at -4.1% yoy (vs consensus of -4.2%). Almost all banners performed in line with expectations. A good start to Q3 also bodes well for Kingfisher to achieve FY22/23 consensus. However, we expect the overall business performance (home improvement demand) to come under pressure during the forecast years as rising inflation and a fragile economic outlook dents consumer sentiment. We maintain a positive ....
