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Kingfisher Interim results due tomorrow

B&Q owner Kingfisher reported a small drop in like-for-like sales in the 10 weeks to 10 July, but said in late July that half year profits remain on track.

Though interim sales are expected to ease a little from last year’s level, profits should show an improvement, helped by the company’s self-help initiatives, such as sourcing a greater proportion of its stock directly from manufacturers and improving the product mix to feature higher margin own label products.

Charles Stanley thinks earnings before interest, tax and amortisation will climb to £360m from £347m the year before while profit before tax could surge to around £350m, up from £288m. Those figures put Charles Stanley above the market consensus of £342m for underlying pre-tax profit. The broker thinks sales will dip to £5,440m from £5,502m.

B&Q’s revenues in the UK and Ireland are tipped to be down 3.5% year on year.

Source :

15 September 2010
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