Kingfisher reported FY16/17 results ahead of our estimates and market consensus. The lfl revenue increased by 2.3% (vs our estimate: +2.9%), once again driven by the UK business (+5.9%; our estimate: +6.0%; c.44% of group sales). B&Q clocked 3.5% organic growth (includes +2.6% sales transference from closed stores) on the back of strong demand for both seasonal and non-seasonal products (+3.1% and +3.6% yoy, respectively). Screwfix continued its solid growth momentum with 13.8% lfl, large
27 Mar 2017
Transformation plan on track; business comes under competitive pressure
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Transformation plan on track; business comes under competitive pressure
Kingfisher Plc (KGF:LON) | 245 -2.2 (-0.4%) | Mkt Cap: 4,597m
- Published:
27 Mar 2017 -
Author:
Nishant Choudhary -
Pages:
4
Kingfisher reported FY16/17 results ahead of our estimates and market consensus. The lfl revenue increased by 2.3% (vs our estimate: +2.9%), once again driven by the UK business (+5.9%; our estimate: +6.0%; c.44% of group sales). B&Q clocked 3.5% organic growth (includes +2.6% sales transference from closed stores) on the back of strong demand for both seasonal and non-seasonal products (+3.1% and +3.6% yoy, respectively). Screwfix continued its solid growth momentum with 13.8% lfl, large