Kingfisher (KGF) has reported PBT before exceptional and other re-structuring costs of £797m against consensus of £785m (2016/17 £787m) Its guidance and the weakening of late year UK sales suggest that the pre-existing 2018/19 consensus of £822m (Source: KGF website) on the same basis will reduce to the £790-800m region – say 3-4%. We believe that investors are likely to be concerned by the 24% increase in inventory to support the sales base during implemen
