Kingfisher reported subdued H1 FY18/19 profitability, as a decent performance in UK and Poland was offset by a weak France. Management plans to underpin performance in the country with a series of steps, starting with H2. Still, the company needs to produce a sustained lfl plus margin improvement in France and error-free implementation of turnaround plan benefits, a key trigger point for investors. We have downgraded the stock recommendation from ‘Buy’ to ‘Add’.
05 Nov 2018
Weak H1; France remains a pain-point
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Weak H1; France remains a pain-point
Kingfisher Plc (KGF:LON) | 248 -3 (-0.5%) | Mkt Cap: 4,645m
- Published:
05 Nov 2018 -
Author:
Nishant Choudhary -
Pages:
4
Kingfisher reported subdued H1 FY18/19 profitability, as a decent performance in UK and Poland was offset by a weak France. Management plans to underpin performance in the country with a series of steps, starting with H2. Still, the company needs to produce a sustained lfl plus margin improvement in France and error-free implementation of turnaround plan benefits, a key trigger point for investors. We have downgraded the stock recommendation from ‘Buy’ to ‘Add’.