Kingfisher’s Q1 trading performance was stronger than ours as well as the market’s expectations. The Group’s lfl sales of -3.3% yoy was 140bp ahead of the consensus, mainly attributable to the UK&I (-0.8% yoy; +150 bp vs consensus). The impact of the adverse weather conditions and strikes in France are non-structural issues. The management has announced a better-than-expected start to Q2 and has also stated that it is comfortable with the current profit consensus. We maintain our positive stock ....
