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Kingfisher Q1: Analyst view

Castorama store angled

Fiona Cincotta, a senior market analyst at, has shared her view with Insight DIY on today's Kingfisher results:

"The eye-catching part of the release is France, long the weakest point of Kingfisher’s European retail business, but it has not declined any further. This suggests the self-help measures instigated by CEO Veronique Laury-Deroubaix—a key manager in the region before stepping up to the top job in December—are gaining traction.

France total sales are up, with Brico Depot leading in the quarter by an emphatic 1.6% like-for-like rise, whilst the rate at Castorama was steady at -0.6% Q/Q.

I’m curious about the UK picture. Gross margins probably touched a 1 percentage point advance during the quarter, but B&Q UK&IRE slipped faster by 1.5% vs. 1.1% and the wholesale/retail hybrid Screwfix roared on with a 15.4% LFL. This suggests to me the presence of discounting in the consumer business and my next question on that would concern what KGF’s further promotion plans are, and perhaps in which business they’ll be deployed. Overall a somewhat surprisingly solid job by Kingfisher in Q1."

For the full Kingfisher Interim Management Statement please click here.

Source : Insight DIY and

28 May 2015

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