Kingfisher reported Q1 FY17/18 numbers below our estimates. Lfl revenue declined by 0.6% (vs our estimate: +1.5%), largely due to a poor performance in France (-5.5% vs our estimate: -1.5%; contributes c.38% to group revenue). This was attributable to a sluggish French DIY market, management’s focus on preserving profitability and business disruption associated with the implementation of the turnaround plan. The UK & Ireland clocked 3.5% lfl growth (vs our estimate: +3.2%; contribut
09 Aug 2017
Soft quarterly performance; turnaround plan under scanner
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Soft quarterly performance; turnaround plan under scanner
Kingfisher Plc (KGF:LON) | 247 9.1 1.5% | Mkt Cap: 4,628m
- Published:
09 Aug 2017 -
Author:
Nishant Choudhary - Pages:
Kingfisher reported Q1 FY17/18 numbers below our estimates. Lfl revenue declined by 0.6% (vs our estimate: +1.5%), largely due to a poor performance in France (-5.5% vs our estimate: -1.5%; contributes c.38% to group revenue). This was attributable to a sluggish French DIY market, management’s focus on preserving profitability and business disruption associated with the implementation of the turnaround plan. The UK & Ireland clocked 3.5% lfl growth (vs our estimate: +3.2%; contribut