Kingfisher reported its Q3 FY16/17 trading update (ending October 2016) which was in line with our estimates. Lfl revenue increased by 1.8% (vs Q2 FY16/17: +3.0%, Q1 FY16/17: +3.6%; our estimate: +1.8%), largely on the back of a strong performance in the UK & Ireland (+5.8% vs our estimate: +4.8%; c.45% of group revenue). B&Q clocked 3.5% organic growth (Q2 FY16/17: +5.6%, Q1 FY16/17: +3.6%; c.2% benefit due to the sales transfer from closed stores), reflecting robust demand for both
