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Kingfisher update due on Thursday

Kingfisher, the home improvement retailer behind the B&Q chain, is due to issue an update on the second quarter later this week and, if Deutsche Bank is to be believed, investors are likely to be greeted by news of strong progress on the profits front.

The sales picture is expected to be mixed, however, with group like-for-like sales forecast to be flat, compared with a 1.8 per cent decline over the first quarter, but with B&Q and Poland expected to be down 1 and 4 per cent, respectively. In China, on the other hand, like-for-like sales are forecast to be up 10 per cent.

"Since the second quarter does not finish until the end of the month, comments on margins and profits will be directional rather than specific," Deutsche said, adding: "We expect gross margins to be up in all markets, driven by direct sourcing gains and lower promotional activity, and we expect no change to market forecasts for the year."

Source : Nikhil Kumar - The Independent

19 July 2010
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